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HTG Molecular Diagnostics 2021 Revenues Grow 5 Percent

NEW YORK – HTG Molecular Diagnostics reported after the close of the market on Tuesday that its 2021 revenues edged up 5 percent to $8.9 million from $8.5 million a year ago.

Revenue related to products and product-related services made up all of HTG's revenues in 2021, and increased 13 percent year over year from $7.9 million. In 2020, HTG also recorded $658,000 in collaborative development services revenue.

The Tucson, Arizona-based company said that revenues from its HTG Transcriptome Panel (HTP) accounted for about 16 percent of total revenue in 2021, five months after its commercial launch.

HTG recorded a net loss of $17.1 million, or $2.47 per share, in 2021, compared to a net loss of $20.9 million, or $4.51 per share, in 2020. The firm used approximately 6.9 million shares to calculate per-share loss in 2021 compared to about 4.6 million shares in 2020.

The firm's 2021 R&D expenses were flat year over year at $6.1 million, while its SG&A spending dropped 9 percent to $16.5 million from $18.1 million a year ago.

HTG finished the year with $9.6 million in cash and cash equivalents and $12.3 million in short-term investments available for sale.

In March, HTG completed a private placement of its securities, generating gross proceeds of about $7.5 million.

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