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HTG Molecular Expects 5 Percent Rise in 2021 Revenues

NEW YORK — HTG Molecular Diagnostics on Thursday posted $8.9 million in preliminary revenues for 2021, a nearly 5 percent increase over the year before.

Analysts, on average, are expecting $8.84 million in revenues for 2021, and HTG generated revenues of $8.5 million in 2020.

HTG said the 2021 revenues include around $1.4 million from its recently launched HTG Transcriptome Panel (HTP), a research-use-only kit designed to measure approximately 20,000 mRNA targets using Illumina's sequencing platforms.

The Tucson, Arizona-based company said it had $21.9 million in cash, cash equivalents, and short-term marketable securities as of Dec. 31.

Full financial results for 2021 are scheduled for release before the company reports its first quarter results in March.

"As we turn the page to 2022, we look forward to continuing our efforts to generate our first dataset for our newly formed HTG Therapeutics business unit, while expecting continued growth in profiling revenue as customers and collaborators complete their initial validation of HTP, evidenced through publications and continued investment in our technology," HTG CEO John Lubniewski said in a statement.