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Curetis Reports 17 Percent Revenue Increase for First Nine Months of 2019

NEW YORK — Curetis on Monday reported  an almost 17 percent increase in revenues for the first nine months of 2019, in line with preliminary figures released earlier this month.

For the nine-month period ended Sept. 30, Curetis revenues climbed to €1.4 million ($1.5 million) from €1.2 million in the same period a year earlier as previously disclosed. Commercial order volume committed and received by Curetis and its Ares Genetics subsidiary year-to-date more than tripled to €3.4 million from €1.1 million, and the company had a total installed base of its Unyvero diagnostic systems of 165 at the end of September.

Curetis' total loss for the period dropped to €16.3 million, or €.72 per share, from €17.9 million, or €1.11 per share, in the first nine months of 2018. 

R&D spending declined 15 percent year over year to €6.2 million from €7.3 million. Meanwhile, sales, distribution, and administrative costs fell 6 percent to €10.8 million from €11.5 million.

At the end of September, Holzgerlingen, Germany-based Curetis, which completed a $9.4 million public offering in October, had cash and cash equivalents totaling €3.0 million.

Separately on Monday Curetis said that it has fully responded to requests from the US Food and Drug Administration for additional information on the regulatory filing for its Unyvero lower respiratory tract (LRT) infection test for use with bronchoalveolar lavage, and that a "near-term clearance decision" is now expected. Curetis received FDA clearance for the Unyvero system and accompanying LRT infection test that uses tracheal aspirates in early 2018.

Curetis also noted that Gaithersburg, Maryland-based OpGen filed a required document with the US Securities and Exchange Commission providing details about the companies' proposed merger. Approval of the filing is expected in the coming weeks, Curetis said, adding it will be "one of the last critical steps" before shareholder approval of the deal is sought by both firms. The deal is anticipated to close in Q1 2020.