HTG missed the analysts' average estimate on the top line but beat expectations on the bottom line. It guided to full-year 2018 revenues of $21 million to $25 million.
The revenue growth was primarily driven by HTG's collaborative development services activities with pharmaceutical partners including Qiagen.
HTG Molecular Diagnostics offers next-generation sequencing-based molecular profiling instruments and assays, as well as related lab services.
Analyst Puneet Souda said HTG has a growing funnel of biopharma projects that have the potential to convert to companion diagnostics with regulatory approval.
On the heels of the WINTHER study, the consortium has planned a new trial called MERCURY, and will launch a blood and tissue repository.
Qiagen terminated the first project for an NGS-based clinical trial assay after its pharmaceutical partner's phase II drug trial failed to meet its endpoint.
The revenue increase was primarily driven by collaborative development services activities with partners including Qiagen.
HTG Molecular will provide Firalis with technology and components to support its commercialization of a rheumatoid arthritis theranostic assay.
The company ended 2017 with $10 million in cash and cash equivalents, and raised $40 million in a public offering in January.
Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.
A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.
An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.
In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.