OpGen Inc (NASDAQ:OPGN)
OpGen Inc (NASDAQ:OPGN) stock was down $0.02 at the close of today’s trading as investors absorbed its Q2 financial report after yesterday’s market close. OpGen Inc (NASDAQ:OPGN) reported a Q2 (-$4.2) million net loss compared with $5.1 million for Q2 2016. Net loss for the six months ended June 30, 2017 was $9.2 million compared with $9.6 million for the six months ended June 30, 2016.
OpGen’s total Q2 revenue was $0.7 million compared with $1.2 million for Q2 2016. Total revenue for the six months ended June 30, 2017 was $1.5 million compared with $2.3 million for the six months ended June 30, 2016.
OpGen Inc (NASDAQ:OPGN) Q2 operating expenses were $4.9 million compared with $6.2 million for the same period in 2016. Operating expenses for the six months ended June 30, 2017 were $10.6 million compared with $11.8 million for the six months ended June 30, 2016.
Cash and cash equivalents were $0.2 million as of June 30, 2017 compared with $4.1 million as of December 31, 2016. Subsequent to the close of Q2, OpGen Inc (NASDAQ:OPGN) raised net proceeds of $8.7 million in a public offering.
OpGen stock is sitting on its 52-week lows of $0.30. OpGen shares have lost over 72% YTD, and are down over 85% for the year. Dilution has been an issue for shareholders. In 2014 10.72 million shares were outstanding but by 2016 that number ballooned to 17.67 million. Sales did improve from 2015 when OpGen posted a sales figure of $3.2 million which was followed in 2016 by a figure of $4.0 million. Meanwhile, per share losses have been the norm. For 2016 each share lost (-$1.10).
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.