OpGen Reports First Quarter 2022 Financial Results and Provides Business Update
- Total Q1 2022 revenues of
- Cash position of approximately
$30.7 millionto reach into Q1-2023
- Management conference call scheduled for
May 12, 2022, at 4:30 p.m. EDT
“We are excited about our 2022 progress to date, as we continue to achieve our key milestones,” said
First Quarter 2022 Financial Results of
- Total revenue for the first quarter of 2022 was approximately
$0.47 million, compared with $0.83 millionin the first quarter of 2021.
- Operating expenses for the first quarter of 2022 were approximately
$6.3 million, compared with $7.1 millionin the first quarter of 2021.
- The net loss available to common stockholders for the first quarter of 2022 was approximately
$6.8 million, or $0.15per share, compared with $14.9 million, or $0.50per share, in the first quarter of 2021. This was primarily due to a one-time non-cash accounting charge for the Company’s warrant inducement transaction consummated in Q1-2021.
- Cash and cash equivalents were approximately
$30.7 millionas of March 31, 2022, compared with $36.1 millionas of December 31, 2021.
“Despite the continued COVID headwinds, there were bright spots in the growth in direct product sales in the U.S.,” said
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGencompleted the successful verification and validation (V&V) and lifetime testing of its Unyvero A30 RQ instruments. This testing clears the path for the Company to finalize the new platform instrument and prepare the build of its first set of series-ready instruments which is expected to occur later this year.
February 2022, OpGendata was published in the Journal of Clinical Microbiologyfor its Acuitas AMR Gene Panel Multicenter Clinical Trial. OpGenreceived positive interim data results on the Unyvero UTI Paneland is on track to complete enrollment of the UTI clinical trial in the second half of 2022 and subsequently submit to the FDA.
- Ares Genetics and Sandoz extended their existing master services agreement until
January 31, 2025. This collaboration focuses on next-generation sequencing (NGS) and artificial intelligence (AI) assisted bioinformatics solutions for surveillance and drug repurposing efforts.
- Ares Genetics commercially launched new sequencing and analysis services globally, which includes ARESid and ARESiss Express, aimed at clinical microbiologists and specialists in public health and infection prevention and control. These services are performed at Ares Genetics’ service laboratory in
Vienna, Austriaand are anticipated to be launched in the U.S.later this year.
- OpGen’s subsidiary Curetis and the EIB plan to restructure the first tranche of debt that came due in
April 2022. Subject to finalization of definitive legal agreements, Curetis repaid euro 5.0 millionin cash in April 2022and will pay the remainder of the debt tranche amounting to approximately euro 8.35 millionor approximately $9 millionat current foreign exchange rates. Payments of such amount will be amortized over the course of the next 12 month-period and paid in equal monthly installments of approximately euro 0.7 millionin cash, beginning at the end of May 2022. Interest rates on the remaining debt would remain unchanged at 10% per annum. The equity linked percent participation interest or PPI would increase from 0.3% to 0.75% of OpGen’s market cap as of June 2024. The remaining two tranches of debt maturing in 2023 and 2024 are unchanged at this time.
In terms of fiscal 2022 guidance,
U.S.direct product sales of Unyvero and Acuitas are anticipated to grow by at least 50%;
- Continued growth in its European and international distribution business for Unyvero products albeit at more moderate growth rates;
- Improved traction of Ares Genetics related services and software solutions business;
- Overall, 2022 revenue growth of approximately around 25% to 50% year over year from the products and services business; and
- Potential upside from future strategic partnering or licensing deal(s) for the Unyvero A30 platform or the
Conference Call Information
OpGen’s management will host a conference call today,
International Dial-in Number: +1-201-389-0920
Conference ID: 13729189
Following the conclusion of the conference call, a replay will be available through
The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com.
A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below:
International Dial-in Number: +1-412-317-6671
Replay PIN: 13729189
For more information, please visit www.opgen.com.
This press release includes statements regarding the first quarter 2022 financials of
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||30,653,410||$||36,080,392|
|Accounts receivable, net||265,885||1,172,396|
|Prepaid expenses and other current assets||1,212,195||1,250,331|
|Total current assets||33,492,711||39,742,575|
|Property and equipment, net||3,721,720||4,011,748|
|Finance lease right-of-use assets, net||50,756||90,467|
|Operating lease right-of-use assets||1,706,346||1,814,396|
|Intangible assets, net||14,054,168||14,530,209|
|Other noncurrent assets||468,041||551,794|
|Liabilities and Stockholders’ Equity|
|Accrued compensation and benefits||1,695,557||1,621,788|
|Current maturities of long-term debt||14,394,824||14,519,113|
|Short-term finance lease liabilities||26,462||43,150|
|Short-term operating lease liabilities||447,710||459,792|
|Total current liabilities||19,012,875||19,916,769|
|Long-term debt, net||7,955,483||7,176,251|
|Long-term finance lease liabilities||2,803||3,644|
|Long-term operating lease liabilities||2,860,703||2,977,402|
|Other long-term liabilities||141,631||146,798|
|Additional paid-in capital||275,949,034||275,708,490|
|Accumulated other comprehensive income||101,777||585,626|
|Total stockholders’ equity||34,171,134||41,217,080|
|Total liabilities and stockholders’ equity||$||64,259,433||$||71,666,533|
|Consolidated Statements of Operations and Comprehensive Loss|
|Three Months Ended
|Cost of products sold||291,997||554,054|
|Cost of services||30,562||104,984|
|Research and development||2,316,441||2,813,491|
|General and administrative||2,625,053||2,663,657|
|Sales and marketing||1,051,432||899,252|
|Impairment of right-of-use asset||—||55,496|
|Total operating expenses||6,315,485||7,090,934|
|Other (expense) income|
|Warrant inducement expense||—||(7,755,541||)|
|Interest and other income||3,121||4,925|
|Foreign currency transaction gains||198,740||427,615|
|Change in fair value of derivative financial instruments||109,744||(101,390||)|
|Total other expense||(957,976||)||(8,589,373||)|
|Loss before income taxes||(6,803,716||)||(14,850,591||)|
|Provision for income taxes||—||—|
|Net loss available to common stockholders||$||(6,803,716||)||$||(14,850,591||)|
|Net loss per common share - basic and diluted||$||(0.15||)||$||(0.50||)|
|Weighted average shares outstanding - basic and diluted||46,483,694||29,485,067|
|Other comprehensive loss - foreign currency translation||(483,849||)||(1,078,479||)|
President and CEO
OpGen Press Contact:
FischTank Marketing and PR
OpGen Investor Contact:
Source: OpGen, Inc.