NEW YORK — German molecular diagnostics firm Epigenomics on Thursday said its second quarter revenues declined 76 percent year over year, primarily due to the effects of the COVID-19 pandemic.
For the three-month period ended June 30, Epigenomics revenues fell to €83,000 ($98,204) from €348,000 in the year-ago quarter. The company attributed the decline to the almost complete loss of revenues in its US business because of COVID-19.
The company's Q2 product revenues declined 78 percent to €73,000 from €339,000 a year ago.
Epigenomics posted a Q2 net loss of €3.4 million, or €.07 per share, compared to a year-ago net loss of €4.4 million, or €.12 per share.
The company's R&D spending in the quarter dropped 48 percent to €1.2 million from €2.3 million, mainly because almost all of its US clinical trials came to a standstill. That affected its post-approval study for Epi proColon, a liquid biopsy test for the detection of colorectal cancer. Between April and June, R&D-related expenses for internal projects were also reduced due to short-time work at its Berlin site.
The firm's selling, general, and administrative expenses declined 24 percent to €1.9 million from €2.5 million. Almost all relevant events, such as conferences and trade fairs, were canceled due to the pandemic, bringing travel activities to a standstill and reducing sales and marketing activities in the US, the firm said.
As of June 30, Epigenomics had cash and cash equivalents totaling €10.2 million.
With continued uncertainty surrounding the effects of COVID-19, Epigenomics pulled its revenue guidance for 2020. Previously, the company expected full-year 2020 revenues in the range of €1 million to €2 million.