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HTG Molecular Reports 50 Percent Increase in 2014 Revenues

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics said this week that its revenues for 2014 increased 50 percent year over year. 

The company, which filed for an initial public offering of up to $60 million in late December, said that revenues for 2014 rose to $3.3 million from $2.2 million. Product revenues increased to $1.8 million from $771,478 in 2013, while service revenues dropped to $497,168 from $953,184. HTG noted in an amended prospectus filed with the US Securities and Exchange Commission that it has shifted its focus away from the service aspect of its business model. 

The balance of its revenues consisted of National Institutes of Health grants, it said.  

Its 2014 net loss attributable to common stockholders was $17.6 million, or $1.63 per share, compared to $14.2 million, or $1.37 per share, in 2013. 

HTG cut its R&D spending by 26 percent year over year to $3.1 million from $4.2 million. Its SG&A costs were up 29 percent to $9.9 million from $7.7 million. 

It exited 2014 with $3.6 million in cash and cash equivalents. 

The Tucson, Ariz.-based firm has not yet priced its planned IPO.