OpGen Reports 2016 Third Quarter Financial Results and Provides Business Update
- Third-quarter revenues of
$0.8 million , a 23% decrease over prior year - Nine-month revenues of
$3.0 million , a 65% increase over prior year - Automated QuickFISH® Pathogen ID clinical trial anticipated to begin Q1 2017
Acuitas Lighthouse ® rapid antibiotic resistance test and knowledgebase development underway- Initial Intermountain Healthcare Retrospective Study results presented
Total revenue for the third quarter of 2016 was
Total revenue for the nine months ended
“During the quarter we continued to make progress developing our genomics and informatics business. Nine-month revenue increased 65% to
“We continue to work closely with large healthcare providers and hospital networks to demonstrate the benefits of our integrated informatics and genomic products and services. At IDWeek 2016 we anticipate the presentation of additional data from these collaborative efforts as we work to transform acute care infectious disease monitoring with our
Mr. Jones concluded, “During the third quarter our revenues, were negatively impacted by several items. These included the timing of sales, the phase-out of our legacy whole genome mapping products, and supply chain issues for our rapid pathogen ID products. We have addressed the supply chain issues and, looking forward, we anticipate a stable recurring revenue base from our rapid pathogen ID testing products and growing contribution to revenue from our new product sales and service offerings.”
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Forward-Looking Statements
This press release includes statements relating to the company's Acuitas® MDRO,
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue | ||||||||||||||||
| Product sales | $ | 730,325 | $ | 929,241 | $ | 2,705,690 | $ | 1,432,592 | ||||||||
| Laboratory services | 23,036 | 23,765 | 182,130 | 87,201 | ||||||||||||
| Collaboration revenue | 6,302 | 27,780 | 131,302 | 308,340 | ||||||||||||
| Total revenue | 759,663 | 980,786 | 3,019,122 | 1,828,133 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of products sold | 400,001 | 624,635 | 1,269,990 | 788,256 | ||||||||||||
| Cost of services | 51,802 | 48,467 | 528,733 | 198,691 | ||||||||||||
| Research and development | 2,178,818 | 1,788,748 | 6,278,829 | 3,897,049 | ||||||||||||
| General and administrative | 1,639,996 | 1,614,532 | 4,955,096 | 3,694,143 | ||||||||||||
| Sales and marketing | 1,294,640 | 1,032,759 | 4,282,628 | 2,962,555 | ||||||||||||
| Transaction expenses | — | 525,596 | — | 525,596 | ||||||||||||
| Total operating expenses | 5,565,257 | 5,634,737 | 17,315,276 | 12,066,290 | ||||||||||||
| Operating loss | (4,805,594 | ) | (4,653,951 | ) | (14,296,154 | ) | (10,238,157 | ) | ||||||||
| Other expense | ||||||||||||||||
| Interest and other income/(expense) | 623 | 2,513 | (3,078 | ) | 9,675 | |||||||||||
| Interest expense | (41,423 | ) | (17,482 | ) | (109,806 | ) | (1,746,853 | ) | ||||||||
| Foreign currency transaction (losses)/gains | (1,269 | ) | — | 2,293 | — | |||||||||||
| Change in fair value of derivative financial instruments | — | — | — | (647,342 | ) | |||||||||||
| Total other expense | (42,069 | ) | (14,969 | ) | (110,591 | ) | (2,384,520 | ) | ||||||||
| Loss before income taxes | (4,847,663 | ) | (4,668,920 | ) | (14,406,745 | ) | (12,622,677 | ) | ||||||||
| Provision for income taxes | — | 1,662 | — | 1,662 | ||||||||||||
| Net loss | (4,847,663 | ) | (4,670,582 | ) | (14,406,745 | ) | (12,624,339 | ) | ||||||||
| Preferred stock dividends and beneficial conversion | — | — | (332,550 | ) | (244,508 | ) | ||||||||||
| Net loss available to common stockholders | $ | (4,847,663 | ) | $ | (4,670,582 | ) | $ | (14,739,295 | ) | $ | (12,868,847 | ) | ||||
| Net loss per common share - basic and diluted | $ | (0.23 | ) | $ | (0.38 | ) | $ | (0.92 | ) | $ | (2.00 | ) | ||||
| Weighted average shares outstanding - basic and diluted | 20,938,700 | 12,261,238 | 16,028,047 | 6,444,373 | ||||||||||||
| Net loss | $ | (4,847,663 | ) | $ | (4,670,582 | ) | $ | (14,406,745 | ) | $ | (12,624,339 | ) | ||||
| Other comprehensive income/(loss) - foreign currency translation | 1,498 | (49 | ) | 387 | (49 | ) | ||||||||||
| Comprehensive loss | $ | (4,846,165 | ) | $ | (4,670,631 | ) | $ | (14,406,358 | ) | $ | (12,624,388 | ) | ||||
Condensed Consolidated Balance Sheets
(unaudited)
| September 30, 2016 | December 31, 2015 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,260,905 | $ | 7,814,220 | ||||
| Accounts receivable, net | 446,686 | 678,646 | ||||||
| Inventory, net | 830,205 | 826,012 | ||||||
| Prepaid expenses and other current assets | 478,683 | 566,239 | ||||||
| Total current assets | 6,016,479 | 9,885,117 | ||||||
| Property and equipment, net | 862,643 | 1,074,710 | ||||||
| Goodwill | 600,814 | 637,528 | ||||||
| Intangible assets, net | 1,687,952 | 1,888,814 | ||||||
| Deferred offering costs | 137,178 | — | ||||||
| Other noncurrent assets | 270,464 | 270,327 | ||||||
| Total assets | $ | 9,575,530 | $ | 13,756,496 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,936,012 | $ | 2,285,792 | ||||
| Accrued compensation and benefits | 1,230,502 | 1,081,270 | ||||||
| Accrued liabilities | 1,155,317 | 920,286 | ||||||
| Deferred revenue | 64,424 | 50,925 | ||||||
| Short term notes payable | 1,099,974 | — | ||||||
| Current maturities of long-term capital lease obligation | 207,820 | 251,800 | ||||||
| Total current liabilities | 5,694,049 | 4,590,073 | ||||||
| Deferred rent | 421,913 | 352,985 | ||||||
| Note payable | — | 993,750 | ||||||
| Long-term capital lease obligation and other noncurrent liabilities | 184,391 | 328,642 | ||||||
| Total liabilities | 6,300,353 | 6,265,450 | ||||||
| Stockholders' equity | ||||||||
| Common stock, $.01 par value; 200,000,000 shares authorized; 21,690,555 and 12,547,684 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 216,905 | 125,477 | ||||||
| Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2016 and December 31, 2015, respectively | — | — | ||||||
| Additional paid-in capital | 131,590,858 | 121,490,994 | ||||||
| Accumulated other comprehensive gain/(loss) | — | (1,059 | ) | |||||
| Accumulated deficit | (128,532,586 | ) | (114,124,366 | ) | ||||
| Total stockholders’ equity | 3,275,177 | 7,491,046 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,575,530 | $ | 13,756,496 | ||||
OpGen Contact:Michael Farmer Director, Marketing (240) 813-1284 mfarmer@opgen.com InvestorRelations@opgen.com Investor and Media Contact:MacDougall Biomedical Communications Cammy Duong (781) 235-3060 cduong@macbiocom.com