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OpGen Fourth Quarter Revenues Increase 64 Percent

Note: This story has been updated with information from the company's earnings call.

NEW YORK -- OpGen announced after the close of the market on Thursday a 64 percent year-over-year increase in its fourth quarter revenues.

For the three months ended Dec. 31, 2020, OpGen's revenues grew to almost $1.4 million from $820,674 in Q4 2019. The company logged $1.1 million in product revenues in Q4 2020, compared to $570,674 in 2019 and $188,941 in collaboration revenues, down from $250,000 in the year-ago quarter. OpGen also has $28,852 in revenue from laboratory services for the recently completed quarter compared to none a year ago.

Fourth quarter R&D expenses more than tripled to $3.3 million from $1.1 million, while SG&A costs grew 85 percent to $3.1 million from $1.7 million.

Net loss for the fourth quarter was $7.1 million, or $0.34 per share, compared to $2.5 million, or $.61 per share, in the same quarter a year ago.

During the Q4 2020, OpGen raised $10 million in a private placement with one US institutional investor. Subsequent to the quarter, it raised $34.7 million in a direct offering and warrant exercise with the same investor during Q1 2021, the company said in a statement.

The firm announced it was discontinuing its legacy FISH products last year and on a conference call to discuss the earnings CEO Oliver Schacht said the company had discontinued them ahead of schedule in early 2021.

In the fourth quarter, subsidiary Curetis signed an exclusive distribution agreement with Colombia's Annar Health Technologies to sell its Unyvero A50 system and full test suite in the country. Under the deal Annar is responsible for regulatory approval in that country and has signed on to order at least 10 Unyvero systems in three years. Schacht said the deal strengthens OpGen's commercial presence in Latin America.

OpGen is also continuing its pursuit for 510(k) regulatory approval from the US Food and Drug Administration for its Acuitas AMR Gene Panel. The panel was originally submitted to FDA in May 2019 and the agency has asked for more information multiple times. OpGen submitted its formal response to the questions in October, and Schacht said the FDA told the firm in January that it is formally reviewing the submission after putting reviews for non-SARS-CoV-2 products on hold last year. He added that OpGen has prepared for commercial launch of the product as soon as it is approved, manufacturing multiple batches of the test.

Earlier this month, OpGen received approval from the Chinese National Medical Products Administration for its Unyvero system as an in vitro diagnostic product. CFO Tim Dec said its exclusive distribution deal with Beijing Clear Biotech would be a long-term growth factor, as the agreement involves the purchase of 360 Unyvero systems at a minimum, along with 1.5 million test cartridges. He added that another underlying growth driver for the company was sales of the Unyvero platform internationally and in the US.

Full-year revenues for 2020 was $4.2 million, up 20 percent from $3.5 million a year ago. Product sales were $2.7 million compared to $2.2 million in 2019. Laboratory services revenues were $167,736, up from $5,435 in 2019, and collaboration revenues were essentially flat year over year at $1.3 million.

OpGen's 2020 R&D spending rose nearly 95 percent to $10.0 million from $5.1 million in 2019, while its SG&A expenses rose 54 percent to $11.9 million from $7.7 million.

The company's net loss for 2020 was $26.2 million, or $1.66 per share, compared to $12.4 million, or $7.70 per share in 2019.

OpGen finished the year with $13.4 million in cash and cash equivalents.

Dec said the company wouldn't be providing second-quarter or full-year guidance due to continued challenges from the COVID-19 pandemic.

Full-year revenues for 2020 was $4.2 million, up 20 percent from $3.5 million a year ago. Product sales were $2.7 million compared to $2.2 million in 2019. Laboratory services revenues were $167,736, up from $5,435 in 2019, and collaboration revenues were essentially flat year over year at $1.3 million.

OpGen's 2020 R&D spending rose nearly 95 percent to $10.0 million from $5.1 million in 2019, while its SG&A expenses rose 54 percent to $11.9 million from $7.7 million.

The company's net loss for 2020 was $26.2 million, or $1.66 per share, compared to $12.4 million, or $7.70 per share in 2019.

OpGen finished the year with $13.4 million in cash and cash equivalents.

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