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OpGen Posts 26 Percent Revenue Decline in Q3

NEW YORK (GenomeWeb) — OpGen reported after the close of the market Tuesday a 26 percent drop in its third quarter revenues, citing lower sales of its legacy QuickFISH rapid pathogen diagnostic products.

For the three months ended Sept. 30, OpGen's revenues fell to $552,221 from $745,114 in the same period the year before, pulled down by the decline in QuickFISH revenues, and in line with previously disclosed estimates.

Last month, the Gaithersburg, Maryland-based company also disclosed that it did not receive an expected Q3 payment related to its ongoing contract with the US Centers for Disease Control and Prevention to develop smartphone-based clinical decision support solutions for antimicrobial stewardship and infection control in low- and middle-income countries. That payment is now expected in the fourth quarter.

OpGen's Q3 net loss was $3.3 million, or $.53 per share on roughly 6.1 million weighted average shares outstanding, versus $3.3 million, or $1.74 on about 1.9 million weighted shares outstanding the year before.

R&D spending in the third quarter shrank 13 percent to $1.3 million from $1.5 million, while SG&A costs rose nearly 11 percent to $2.1 million from $1.9 millon.

At the end of Q3, OpGen had cash and cash equivalents totaling $4.7 million. In October, the firm netted $2.8 million in a public stock offering.

Looking ahead, OpGen said that it now expects to submit its Acuitas AMR Gene Panel u5.47 — a recently launched research-use-only assay for common causes of urinary tract infections as well as 47 gene targets that indicate antibiotic resistance — for 510(k) clearance with US regulators in early 2019.

"Last week, we announced the completion of specimen accrual and testing of 670 urine specimens for the clinical verification study with this test and the [companion] Acuitas Lighthouse software," OpGen Chairman and CEO Evan Jones said in a statement. "The preliminary results of the clinical verification study support our plans to introduce our Acuitas AMR Gene Panel and Acuitas Lighthouse software for under-three-hour detection of urinary tract infections with concurrent prediction of resistance to frontline antibiotics."