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Earnings Roundup: HTG Molecular, T2 Biosystems, Co-Diagnostics, Biocept, Oncocyte, OpGen

NEW YORK – HTG Molecular Diagnostics said this week its third quarter revenues fell 48 percent year over year to $1.3 million from $2.5 million a year ago. The Tucson, Arizona-based firm, which is repositioning itself as a drug discovery tech company, posted a net loss of $4.5 million, or $.41 per share, compared to a net loss of $4.5 million, or $.60 per share, a year ago. It finished Q3 2022 with $3.2 million in cash and cash equivalents and $3.3 million in short-term investments. 

Infectious disease diagnostics company T2 Biosystems said this week that its third quarter revenues totaled $3.7 million, down 50 percent from $7.4 million in the year-ago quarter. The decline was primarily driven by decreased sales of COVID-19 tests and reduced BARDA revenue. Its net loss for Q3 was $17.4 million, or $2.95 per share, compared to a net loss of $14.0 million, or $4.21 per share, in the same quarter last year. T2 ended the quarter with $20.4 million in cash and cash equivalents, and $1.1 million in restricted cash. 

Separately, T2 said it amended its term loan agreement with CRG Servicing, extending both the interest-only period and the maturity date by one year to Dec. 30, 2024. 

Co-Diagnostics reported $5.1 million in revenues for the third quarter of 2022 this week, down 83 percent from $30.1 million in Q3 of 2021. The firm attributed the revenue drop-off to lower demand for its COVID-19 test. Its net loss totaled $1.4 million, or $.04 per share, compared to net income of $11.5 million, or $.38 per share, in the year-ago period. The Salt Lake City-based molecular diagnostics company ended the quarter with $81.5 million in cash and cash equivalents and $5.0 million in marketable securities. 

Biocept said this week that it brought in $10.6 million total revenues for its fiscal second quarter of 2022, down almost 12 percent from $12.0 million in the same period last year. The cancer molecular diagnostic firm's temporary COVID-19 testing revenues have continued to shrink, and in a press release President and CEO Sam Riccitelli said the firm does not anticipate COVID-19 testing revenues beyond the end of this year. Biocept's Q2 net loss was $5.3 million, or $.31 per share, compared to $1.8 million, or $.14 per share, in the year-ago quarter. The firm exited the quarter with $22.9 million in cash. 

Oncocyte reported on Thursday evening that its third quarter revenue growth was flat year over year at $1.0 million. The Irvine, California-based cancer diagnostics firm noted, however, that sales of its flagship DetermaRx test doubled to $1 million from $500,000 year over year. Its net loss declined to $9.3 million, or $.08 per share, from $13.8 million, or $.15 per share, in Q3 2021. The decrease was due to a $6.1 million change in fair value of contingent consideration reported on its balance sheet. Oncocyte finished the quarter with $32.5 million in cash and cash equivalents and marketable securities. 

OpGen reported on Thursday evening that its third quarter revenues fell year over year to $448,713 from $1.2 million, as its product sales, laboratory services revenues, and collaboration revenue all declined. The Rockville, Maryland-based molecular diagnostics company's Q3 net loss swelled to $14.1 million, or $.30 per share, from $6.1 million, or $.16 per share, a year ago. OpGen finished the quarter with $10.3 million in cash and cash equivalents. 

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