HTG Molecular Diagnostics Inc (NASDAQ:HTGM)
HTG Molecular Diagnostics Inc. (NASDAQ:HTGM), which specializes in the provision of reagents, instruments, and services used in molecular profiling, recently reported financial results for the last year as well as the last quarter.
In the announcement, the company highlighted signing an agreement to develop, manufacture, market and commercialize in partnership with a wholly owned subsidiary of QIAGEN, N.V. The company also announced significant investment made by QIAGEN North American Holdings in its common stock.
Additionally, HTG Molecular Diagnostics announced completion of technical feasibility study for the QIAGEN GeneReader sequencing platform. The company also announced obtaining CE label for the HTG EdgeSeq ALKPlus Assay to market and commercialize the assay in the European Union as an in vitro diagnostic (IVD).
Further in the highlights, the company announced launching a new direct sequencing platform as well as initial DNA mutation assay as one of the services the company is offering in its VERI/O laboratory.
On the financial segment, HTG Molecular Diagnostics reported revenue of $1.5 million for the last quarter of 2016 compared to the same period the previous year when it reported revenue of $33,000. The company also reported an increase in service revenue to $381,000 in the last quarter of 2016 up from $33,000 reported during the same period the previous year. For the whole financial year, the company reported revenue of $5.1 million compared to $4.0 that was reported in the 2015 financial year. Service revenue for the whole financial year was $2.4 million compared to the $184,000 reported in the 2015 financial year.
While commenting on the results, TJ Johnson, the HTG President and CEO said the company has made remarkable strides in increasing its customer base as well as building a strong foundation for growth in the long-run.
The company reported $1.5 million in revenue during the fourth quarter of 2016. In the same quarter, a net loss from operation was $5.2 million compared to the $5.3 million reported during the same period the previous financial year. For the whole financial year, the company reported $5.1 million in revenue compared and a net loss from operation of $24.3 million. This is in comparison to the $18.9 million in net loss from operations reported the previous financial year.
HTG Molecular Diagnostics has its headquarters in Tucson, Arizona and its main mission is to provide precision medicine at to the local population.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.