HTG Molecular

Revenues from product and product-related services more than doubled to $4.4 million, but collaborative development revenues sank 52 percent to $1.4 million.

While the company's product and product-related revenues rose 54 percent, its collaborative development program revenues fell 78 percent.

Under deal, HTG will sell to or through Cowen from time to time $40 million of its common stock though it is not obligated to sell any shares.

The firm's revenues rose to $21.5 million from $14.8 million in 2017, driven by expansion of its biomarker profiling services business and collaborative program.

The company said it continues to see volatility in the timing of its collaboration revenues but is confident in the long-term growth of its biopharma business.

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.