OpGen Inc (NASDAQ:OPGN)
OpGen Inc (NASDAQ:OPGN) posted their financial and operational report for Q4 and year closed December 2016 and summarized business highlights. Total revenue for FY2016 came at $4 million, a 27% jump from $3.2 million posted for the full year closed December 2015. Net loss for the reported year came at $19.2 million versus $17.4 million in 2015.
Evan Jones, the Chairman and CEO of OpGen Inc (NASDAQ:OPGN), reported that in 2016 the investments in informatics and genomics for infectious disease management concerns triggered by multi-drug resistant organisms started to pay off. They successfully moved their Acuitas Rapid Test for drug resistant pathogens and genes and Acuitas Lighthouse antibiotic resistance calculation technology to the advancement phase.
Later in 2017, they expect that the first clinical assessments of this technology along with the launch of RUO test kits. They also recorded major milestones including a strategic research agreement with Merck.
OpGen Inc (NASDAQ:OPGN) reported that total revenue for Q4 2016 stood at $1 million, a decline of 24% from $1.3 million recorded in Q4 2015. However, it recorded a gain of 32% from the third quarter of 2016. For FY2016, the operating expenses came in at $23 million versus $18.2 million in FY2015. Operating expenses for Q4 2016 stood at $5.7 million against $6.2 million in Q4 2015.
Net loss for FY2016 was $19.2 million against $17.4 million in FY2015. While it amounted to $4.8 million in Q4 2016 as against $4.7 million in Q4 2015. Cash and cash equivalents stood at $4.1 million as of close of December 2016 against $4.3 million as of close of September 2016.
The CEO Jones stated that during 2017 they are focused on moving the development of the Acuitas product line together with the Acuitas Lighthouse Knowledgebase with an objective of implementing the know-how for external research application in the second half of the year. They are also working to support the growth of their business in the United States and global markets. The company expect sharing additional technical, health and commercial data that support their capabilities and position as they become available.
OpGen Inc (NASDAQ:OPGN) shares experienced strength last week, continuing their recent uptrend. Their shares price has gained almost 4% over the past week. Over the past one year, the stock has declined almost 30% and declined over 3% in the last quarter.
|Last Price a/o 3:21 PM EST||$1.07|
|Market Cap (mlns)||$24.30M|
|Shares Outstanding (mlns)||22.71M|
|Share Float (mlns)||16.15M|
|Short Interest Ratio||2.63|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
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.