NEW YORK — HTG Molecular Diagnostics said Monday that it expects to report a nearly 11 percent year-over-year drop in revenues for 2019.
According to the Tuscon, Arizona-based company, total revenues for 2019 are expected to be $19.2 million compared with $21.5 million in 2018. On average, analysts are expecting HTG to report 2019 revenues of approximaltely $19.4 million.
HTG also said that it expects its cash and cash equivalents to total $33.0 million at the end of 2019, with an additional $3.3 million of restricted cash held in connection with a convertible note that will be included in its current liabilities.
"Our performance for 2019 reflects both the continued growth of our [research-use only] profiling business and the impact of lower collaborative development services program activities," HTG CEO John Lubniewski said in a statement. "We are optimistic about the continuing opportunities in profiling and collaborative development services and look forward to building a proprietary molecular diagnostic with an initial, strategic focus on breast cancer diagnostic testing."
HTG, which recently filed for a $20 million stock offering after being warned that its stock was not in compliance with the Nasdaq's $1 minimum closing bid price, plans to announce full financial results for 2019 in March.
During early morning trading, shares of HTG fell more than 5 percent to $.75.