NEW YORK (GenomeWeb) – HTG Molecular Diagnostics reported after the close of the market on Thursday a 46 percent jump in its full year revenues, driven by the expansion of its biomarker profiling services business and progress on its collaborative programs.
For the year ended Dec. 31, 2018, the firm's revenues rose to $21.5 million from $14.8 million in 2017. Analysts on average had expected full-year revenues of $22.0 million.
Revenues from product and product-related services rose 33 percent to $9.1 million from $6.8 million a year ago, while revenues from collaborative development services increased 55 percent to $12.4 million from $8.0 million.
The firm's 2018 net loss shrunk to $16.5 million, or $.60 per share, from $19.0 million, or $1.79 per share a year ago, coming in ahead of the Wall Street estimate for a loss per share of $.70.
The firm's R&D spending during 2018 rose to $12.6 million from $10 million, and SG&A expenses climbed to $20.0 million from $17.5 million the year before.
At the end of 2018 HTG had cash and cash equivalents totaling $8.4 million and short-term investments of $22.7 million.
The firm expects Q1 2019 revenues of $2.5 million to $3.0 million and full year revenue guidance of $23.0 million to $28.0 million for 2019. It also anticipates entering the auto-immune market later this year with a new panel.
Tucson, Arizona-based HTG also announced that it has appointed Laura Beggrow as its president of diagnostics, in addition to other hires ahead of establishing an expected San Francisco facility. The firm also highlighted the extension of its second precision diagnostic partnership with Qiagen in February.
"We entered 2018 with the momentum of our collaboration program success and determined to grow our profiling business further by accelerating customer adoption, expanding our Biopharma pipeline, initiating commercialization of our CE/IVD products in Europe and strengthening our balance sheet," HTG CEO TJ Johnson said in a statement. "In 2019 we plan to leverage our 2018 momentum to expand our base profiling business and execute on our diagnostics programs."