NEW YORK (GenomeWeb) — OpGen reported after the close of the market on Tuesday an 18 percent increase in its first quarter revenue.
For the three-month period ended March 31, the Gaithersburg, Maryland-based company's revenues increased to $1.0 million from $846,226 as higher collaboration revenue — primarily a $500,000 milestone from an antimicrobial resistance surveillance alliance with the New York State Department of Health — more than offset a decline in product sales and lab service revenues. The firm's product sales for the quarter were $520,177 versus $633,496 a year ago, while the firm reported no lab services revenue compared to $8,690 in Q1 2018.
OpGen's Q1 net loss jumped to $3.9 million, or $.41 per share — based on 9.3 million shares outstanding — from $3.0 million, or $.75 per share — based on 4.1 million shares outstanding — in the same period the year before.
Contributing to the higher loss was a 50 percent rise in R&D spending to $1.8 million from $1.2 million, reflecting OpGen's pursuit of US Food and Drug Administration clearance for various molecular diagnostic products.
Earlier this week, the company submitted its Acuitas AMR Gene Panel for the detection of antibiotic resistance to the FDA, with 510(k) clearance expected before year end. It also aims to submit to the FDA a direct-from-urine Acuitas AMR Gene Panel and its Acuitas Lighthouse software for antibiotic resistance prediction and data management following the expected completion of clinical studies in the third quarter.
SG&A expenses in the first quarter, meanwhile, were flat year over year at $2.1 million.
At the end of Q1, OpGen had cash and cash equivalents totaling $6.0 million.