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HTG Molecular Q3 Revenues Grow Four-Fold

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics reported after the close of the market Tuesday that its third quarter revenues grew more than four-fold year over year amid a sharp increase in revenues from its pharmaceutical partners.

For the three-month period ended Sept. 30, HTG's total revenues climbed to $3.7 million from $913,901 in the same period a year earlier. Third quarter service revenues rose to $3.1 million from $407,836, with collaboration agreement revenue from pharma clinical programs accounting for $2.1 million.

During the third quarter, HTG and Qiagen began working on next-generation sequencing gene expression profiling assays for multiple undisclosed cancer therapies — the companies' second project under a master assay development, commercialization, and manufacturing agreement. Also during the quarter, US regulators approved a clinical trial that will use HTG's EdgeSeq mRNA and microRNA expression panels to analyze patient biopsies in a clinical trial of a non-small cell lung cancer combination therapy. 

HTG's net loss in the quarter narrowed to $5.4 million, or $.46 per share, from $6.5 million, or $.92 per share, the year before.

Third quarter R&D spending was up 84 percent to $3.5 million from $1.9 million, and SG&A expenses were up 10 percent to $4.3 million from $3.9 million.

At the end of the third quarter, HTG had cash and cash equivalents totaling $9.0 million.

Looking ahead, the company said that it has increased its full-year 2017 revenue guidance to between $10.0 million and $13.0 million.

"An intense focus on the execution of our strategy set the stage for this record quarter and we believe our momentum is accelerating," HTG President and CEO TJ Johnson said in a statement.

During early Wednesday morning trading on the Nasdaq, shares of HTG were up 23 percent at $2.75.