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HTG Q2 Revenues Up 140 Percent

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics reported after the close of the market Tuesday a nearly 140 percent jump in second quarter revenues, an increase driven largely by a surge in service revenues.

For the three-month period ended June 30, the molecular-profiling instrument maker's revenues climbed to $1.9 million from $790,551 in the same period last year. Service revenues — mostly derived from sample processing services provided to biopharmaceutical customers — grew to $1.3 million from $51,000, more than offsetting a dip in product sales to $577,127 from $648,347.

The Tucson, Arizona-based firm sells the HTG Edge instrument platform and a portfolio of RNA assays, as well as library preparation products for next-generation sequencing.

HTG posted a Q2 net loss of $6.9 million, or $.98 a share, versus $6.9 million, or $1.73 a share. The difference in loss per share between quarters resulted from a near doubling of the number of shares outstanding between periods following the company's May 2015 initial public offering.

HTG's R&D spending in the second quarter increased to $2.6 million from $953,222, while SG&A costs edged up to $4.7 million from $3.7 million.

At the end of the second quarter, HTG had cash and cash equivalents totaling $7.5 million, and short-term investments of $15.4 million.