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HTG Molecular Q4 Revenues Rise 25 Percent

NEW YORK (GenomeWeb) – HTG Molecular reported after the close of the market on Thursday a 25 percent rise in total revenues for its fourth quarter.

For the three months ended Dec. 31, 2016, the company reported total revenues of $1.5 million, compared to $1.2 million in Q4, 2015. While service revenues rose to $381,221 from $33,466 a year ago, product revenues shrank 8 percent year over year to $1.1 million from $1.2 million.

The company reduced its R&D costs 18 percent to $1.4 million from $1.7 million, while its SG&A costs remained stable at $4.1 million.

HTG recorded a net loss of $5.7 million, or $.76 per share, for the recently completed quarter, compared to a net loss of $5.7 million, or $.83 per share, in Q4 2015.

For full-year 2016, the firm saw its total revenues increase 28 percent to $5.1 million from $4.0 million. Service revenues were up to $2.4 million in 2016 from $183,758 a year ago, while product revenues dropped 20 percent to $2.8 million from $3.5 million. HTG had no other revenues in 2016, compared to $325,789 a year ago.

Its R&D expenses climbed 72 percent year over year to $7.9 million from $4.6 million, while its SG&A expenses rose 16 percent to $17.4 million from $15.0 million.

The company had a net loss of $26 million, or $3.66 per share, in 2016, compared to a net loss of $21.4 million, or $5.03 per share, in 2015.

HTG finished 2016 with $7.5 million in cash and cash equivalents, and $4.3 million in short-term investments available for sale, at fair value.

Separately, the company said that its HTG EdgeSeq technology has been adapted for use with the Qiagen GeneReader NGS System after technical feasibility testing. Results from samples tested with the HTG EdgeSeq DLBCL Cell of Origin assay gene panel adapted for the Qiagen system demonstrated 98 percent correlation to data previously generated on Illumina's MiSeq sequencing platform.

Feasibility of the two companies' technologies "will expand the sequencing platforms available for use with our system, and more importantly, advances our precision diagnostics collaboration with Qiagen," HTG CEO TJ Johnson, said in a statement.

Earlier on Thursday, the company's HTG EdgeSeq ALKPlus assay EU received CE marking

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