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OpGen Q4 Revenues Up 18 Percent on Product Sales

NEW YORK (GenomeWeb) – OpGen reported after the opening of the market on Wednesday an 18 percent increase in its fourth quarter revenues.

For the three months ended Dec. 31, the Gaithersburg, Maryland-based infectious disease testing and analysis firm reported $1.3 million in revenues, up from $1.1 million in the prior-year Q4.

Product sales increased 220 percent to $1.3 million, attributable to the firm's acquisition of AdvanDx in July.

Laboratory services added $33,275, down from $99,570 a year ago. Collaborations revenue plummeted to $27,762 from $627,780 a year ago.

On a conference call following the release of results, OpGen Chairman and CEO Evan Jones said the results "reflect the success of our molecular information business."

"During 2015 we transformed OpGen into a precision medicine company with the goal of helping improve antibiotic therapy and combating drug-resistant infections globally," he said.

OpGen reported a net loss of $4.7 million, or $.38 per share, compared to a loss of $1.6 million, or $3.41 per share, in Q4 2014. The number of outstanding shares used to calculate its loss per share was around 12.5 million in Q4 2015 versus 461,938 in Q4 2014. OpGen completed an initial public offering in May 2015.

OpGen's R&D spending almost doubled year over year to $2.1 million from $1.1 million, while SG&A spending more than tripled to $3.5 million from $1.1 million, attributable to higher legal costs and personnel costs.

For the full year, OpGen reported revenue of $3.2 million, down 23 percent from $4.1 million in 2014. Product sales increased 120 percent to $2.7 million, offset by a $2.1 million decrease in collaborations revenue.

The firm reported a net loss for 2015 of $17.6 million, or $2.20 per share, compared to a net loss of $6.3 million, or $16.25 per share, in 2014.  Because of the IPO, the weighted average number of shares outstanding increased to more than 7.9 million for full-year 2015 compared to 387,590 in 2014.

Its full-year R&D spending increased 37 percent to $6 million from $4.4 million in 2014, attributable to work done on the QuickFISH product line. The firm's SG&A spending increased 130 percent to $10.1 million from $4.3 million in 2014.

As of Dec. 31, the firm had $7.8 million in cash and cash equivalents.

In Wednesday morning trade on the Nasdaq, shares of OpGen jumped nearly 11 percent to $1.68.