Skip to main content
Premium Trial:

Request an Annual Quote

Epigenomics Q2 Revenues Slide 76 Percent on Coronavirus Challenges

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.

The Scan

Harvard Team Report One-Time Base Editing Treatment for Motor Neuron Disease in Mice

A base-editing approach restored SMN levels and improved motor function in a mouse model of spinal muscular atrophy, a new Science paper reports.

International Team Examines History of North American Horses

Genetic and other analyses presented in Science find that horses spread to the northern Rockies and Great Plains by the first half of the 17th century.

New Study Examines Genetic Dominance Within UK Biobank

Researchers analyze instances of genetic dominance within UK Biobank data, as they report in Science.

Cell Signaling Pathway Identified as Metastasis Suppressor

A new study in Nature homes in on the STING pathway as a suppressor of metastasis in a mouse model of lung cancer.