NEW YORK (GenomeWeb) – HTG Molecular Diagnostics said after the close of the market Thursday that its third quarter revenues increased nearly 15 percent amid a strong increase in consumable product sales.
For the three-month period ended Sept. 30, the Tucson-based firm reported total revenues of $1 million, up from $870,245 in the same period last year, just missing analysts' consensus estimate of $1.1 million. Product revenues surged to $973,956 from $532,240 in Q3 2014, while service revenues dropped to $37,000 from $107,183. Consumable product revenues climbed 164 percent year-over-year.
HTG said its net loss in the third quarter was $5.2 million, or $.76 per share, versus $3.3 million, or $44.14 a share, in the year-ago quarter, topping Wall Street's expectation of a loss per share of $.85. HTG used about 6.8 million shares to calculate net loss per share in the recently completed quarter versus 96,486 shares in the year-ago period, reflecting additional outstanding common shares resulting from the conversion of preferred shares and the issuance of additional common shares in connection with its May initial public offering.
R&D spending in the quarter more than doubled to $1.3 million from $649,949, while SG&A expenses increased 42 percent to $3.7 million from $2.6 million.
HTG finished the third quarter with $2.6 million in cash and cash equivalents and $28.7 million in short-term investments.