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OpGen Preliminary Q4 Revenues Fall 24 Percent

NEW YORK (GenomeWeb) – In a filing with the US Securities and Exchange Commission, OpGen reported after the close of the market on Thursday that its preliminary fourth quarter revenues fell 24 percent from Q4 2015, even as full-year 2016 revenues rose 27 percent.

For the three months ended Dec. 31, 2016, OpGen expects revenues of $1.0 million, down from the $1.3 million the company reported a year ago. Full the full year, OpGen expects revenues of $4.0 million, up from $3.2 million in 2015.

The company also expects a net loss of between $4.6 million and $5.1 million for Q4, compared to a net loss of $4.7 million in Q4 2015. Net loss for the year is expected to be between $19.0 million and $19.5 million, compared to $17.4 million in FY 2015.

OpGen had $4.1 million in cash and cash equivalents at the end of the year.

"During 2016, we continued to build our unique position helping to address the rising global antibiotic resistance crisis," OpGen Chairman and CEO Evan Jones noted in a statement. "We invested heavily to solidify our leadership in leveraging genomics and informatics to help combat urgent infectious disease management issues caused by multi-drug resistant organisms. From an operations perspective, we finished the fourth quarter with steady results for our core QuickFISH [rapid pathogen ID] business, and building interest for our Acuitas Lighthouse service offerings. We achieved key technical milestones for our lead genome-based antibiotic decision making products."

For 2017, he added, the company plans to continue developing its Acuitas mAST rapid DNA tests and its Acuitas Lighthouse Knowledgebase with the goal of gaining regulatory clearances and commercializing them.

OpGen plans to announce complete Q4 and full year 2016 financial results in March.