NEW YORK – HTG Molecular Diagnostics on Monday reported a 56 percent year-over-year drop in preliminary revenues for Q1 2021.
For the three months ended March 31, the Tucson, Arizona-based firm said that preliminary revenues are expected to be $1.4 million compared with $3.2 million in 2020.
HTG also said that it expects to have cash, cash equivalents, and short-term marketable securities of about $30.8 million.
"We believe our technology continues to be an ideal tool to address deployable alternatives for measuring gene expression, advance clinical trials, and lower false discovery rates in preclinical screening," John Lubniewski, CEO of HTG, said in a statement. "We plan to continue to focus on diversifying our customer base and further expanding into markets outside of oncology for sales of existing HTG EdgeSeq products."
HTG said that regional and company level closures due to the COVID-19 pandemic, especially in Europe, will continue to add turbulence to its recovery throughout the first half of 2021. However, the firm believes that full-year 2021 revenues could grow 30 to 40 percent over 2020 levels.
Lubniewski added that HTG is in the final development phase of its whole transcriptome gene expression profiling platform, which the firm hopes to launch in Q3.
HTG plans to provide full financial results for the quarter in May.
In late March, HTG reported a 56 percent year-over-year decline in its full-year 2020 revenues.