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OpGen Q3 Revenues Rise 18 Percent

NEW YORK (GenomeWeb) – OpGen reported after the close of the market on Thursday an 18 percent increase in its third quarter revenues.

For the three months ended Sept. 30, the Gaithersburg, Maryland-based microbial genetics testing and analysis firm reported $980,786 in revenues, up from $834,824 for the same quarter a year ago.

Most of OpGen's Q3 revenues came from product sales, $929,241 versus $268,854 for Q3 2014. The firm said the increase was driven by around $800,000 in revenues from its QuickFISH rapid molecular diagnostic testing products, which it added to its portfolio with acquisition of AdvanDx in July this year.

Its laboratory services sales dropped to $23,765 from $88,190 in the year-ago period, while its collaboration revenue declined sharply to $27,780 from $477,780. 

OpGen's net loss for the quarter was $4.7 million, or $.38 per share, compared to $1.6 million, or $4.42 per share, for the same period a year ago. The firm used around 12.3 million shares to calculate its loss per share for Q3 2015 compared to 362,537 for Q3 2014. OpGen went public went public in May 2015, upping its outstanding shares.

The company's R&D expenses totaled $1.7 million in Q3 compared to $1.0 million a year ago, while SG&A expenses doubled to $2.6 million from about $1.0 million in Q3 2014

OpGen had cash and cash equivalents of $11.2 million as of Sept 30.

In a statement, Evan Jones, OpGen's chairman and CEO, said that with the company's suite of molecular diagnostic tests for pathogen identification and multi-drug resistance infections,  the Acuitas Lighthouse bioinformatics toolset, and its commercial organization in place, OpGen is now "well positioned to grow in revenue in the coming years."

In Friday morning trade on the Nasdaq, OpGen's shares were down a fraction of 1 percent at $1.64.