NEW YORK (GenomeWeb) – OpGen reported after the close of the market on Thursday that its second quarter revenues rose 12 percent year over year thanks to a massive increase in its collaboration revenues.
For the three months ended June 30, the firm reported total revenues of $788,901 compared to revenues of $703,210 a year earlier. Product sales fell 7 percent to $632,525 from $681,127, and laboratory services revenues fell 93 percent to $1,100 from $15,850 in Q2 2017. The firm's Q2 collaborations revenues offset those dips, soaring to $155,276 from $6,233 in the year-ago period.
"During the second quarter, we continued to advance development of our lead rapid test, the Acuitas AMR Gene Panel u5.47," OpGen Chairman and CEO Evan Jones said in a statement. "We reached an agreement with the US Food and Drug Administration regarding the regulatory pathways and clinical trial protocols for clearance of the new AMR Gene Panel Tests and the Acuitas Lighthouse Software. Our goal is to complete our first clinical trial for bacterial isolates and file an in vitro diagnostic 510(k) submission for the Acuitas AMR Gene Panel u5.47 during the fourth quarter of 2018."
The firm's Q2 net loss narrowed to $3.3 million, or $.57 per share, from $4.2 million, or $3.73 per share, in the year-ago quarter. Loss per share was calculated on 5.8 million weighted average shares of common stock outstanding in Q2 compared to 1.1 million weighted average shares outstanding in Q2 2017.
OpGen's R&D expenses fell 28 percent to $1.3 million in Q2 from $1.8 million a year earlier, while its SG&A costs fell 15 percent to $2.3 million from $2.7 million.
The firm ended the quarter with $7.4 million in cash and cash equivalents.