OpGen Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Business Update
- Total revenue for 2021 was approximately
- Strong total cash position of approximately
$36.1 millionas of December 31, 2021, up significantly from $13.4 millionat year-end 2020
- Conference call to be held
March 29, 2022at 4:30 p.m. EDT
OpGen’s revenue for the fourth quarter of 2021 was approximately
“We are pleased with our fourth quarter and full-year 2021 financial picture as we look forward to our 2022 commercialization initiatives,” said
“We are continuing to execute on our key development milestones, as recently seen with the successful completion of final verification and validation, as well as lifetime testing of the Unyvero A30 RQ platform,”
Fourth Quarter and Full-Year 2021 Financial Results of
- Total revenue for the fourth quarter of 2021 was approximately
$1.43 million, compared with $1.35 millionin the fourth quarter of 2020. Total revenue for the twelve months ended December 31, 2021was approximately $4.3 million, compared to $4.2 millionfor the twelve months ended December 31, 2020.
- Operating expenses for the fourth quarter of 2021 were approximately
$7.3 million, compared with $7.4 millionin the fourth quarter of 2020. Total operating expenses for the twelve months ended December 31, 2021were approximately $27.6 million, compared to $26.9 millionfor the twelve months ended December 31, 2020.
- The net loss available to common stockholders for the fourth quarter of 2021 was approximately
$14.1 million, or $0.35per share, compared with $7.1 million, or $0.34per share, in the fourth quarter of 2020. The net loss available to common stockholders for the twelve months ended December 31, 2021, was approximately $42.0 million, or $1.14per share, compared to $26.2 million, or $1.66per share, for the twelve months ended December 31, 2020. The net loss available to common stockholders for the twelve months ended December 31, 2021, included non-cash charges of approximately $7.8 millionand $7.2 millionrelated to the Company’s 2021 warrant inducement and 2021 preferred stock offering, respectively.
- Cash and cash equivalents were approximately
$36.1 millionas of December 31, 2021, compared with $13.4 millionas of December 31, 2020.
In reporting OpGen’s Q4 2021 and full-year financials,
“OpGen’s revenue growth is primarily attributed to the strong uptake in Unyvero sales in the
The Company announced reaching the following key milestones, as well as recent developments in the fourth quarter and into 2022 to date:
OpGenmade two strategic hires as of January 1, 2022: Albert Weberjoined OpGenas CFO and Managing Director of OpGen’s subsidiary Curetis GmbH, and Theo deVos joined as Senior Vice President of Corporate Development and Operations for Ares Genetics in the U.S. OpGenreceived FDA clearance for Acuitas AMR Gene Panel. Several commercial multi-year contracts have been submitted to hospitals and labs across the U.S.These remain subject to final negotiation. OpGenexpects its first commercial sales of the Acuitas AMR Gene Panelin the upcoming quarter(s) of 2022.
- Enrollment for the
Unyvero Urinary Tract Infection (UTI) Paneltrial is progressing and the Company expects completing an interim data analysis and anticipates to communicate a relevant update early in the second quarter. OpGenclosed a $15 millionregistered direct preferred stock offering with a single, U.S.-based, healthcare-focused institutional investor in October 2021. The investor subsequently converted all of its 150,000 shares of preferred stock into 7.5 million shares of common stock in December 2021, which resulted in total shares outstanding, as of December 31, 2021, of approximately 46.5 million shares of common stock with no preferred stock remaining outstanding. OpGenheld a Special Meeting of Stockholders in December 2021, where both of its proposals were approved. The first proposal was to reduce the stockholder approval requirement to changes in the Charter to a majority of the outstanding shares entitled to vote. The second proposal was an amendment to the Charter to increase the authorized number of shares of common stock from 50 million to 100 million.
- The Ares database access deal in the fourth quarter 2021 contributed significantly to product revenue for the non-exclusive access to 1.1% of the ARESdb content to a leading global microbiology and
In Vitro Diagnostics(IVD) corporation.
- Ares Genetics successfully completed the first part of a collaboration with a leading
U.S.clinical research organization (CRO) and reference lab and has entered the next phase. During this next phase, Ares Genetics will gain access to up to 1,000 carefully selected proprietary genome and antibiotic susceptibility testing (AST) datasets. Ares Genetics aims to further increase the value of ARESdb and grow its contents in the future through strategic collaborations and clinical trials conducted by OpGen. OpGencompleted successful verification and validation (V&V) testing, as well as lifetime testing, of its Unyvero A30RQ instruments.
In outlining OpGen’s 2022 initiatives,
In terms of guidance for 2022,
- grow its
U.S.direct product sales of Unyvero and Acuitas by 50% or greater;
- continue to grow its European and international distribution business for Unyvero products albeit at more moderate growth rates;
- gain significant traction and acceleration in Ares Genetics related services and software solutions business;
- achieve overall revenue growth from the products and services business for 2022 in a range of approximately around 25% to 50% year over year; and
- have significant upside potential from revenue recognition under any potential future strategic partnering or licensing deal for the Unyvero A30 platform or the Ares database assets.
Conference Call Information
OpGen’s management will host a conference call today,
International Dial-in Number: +1-201-493-6725
Conference ID: 13726634
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: 13726634
For more information, please visit www.opgen.com.
This press release includes statements regarding the fourth quarter 2021 and full year 2021 financials of
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||36,080,392||$||13,360,463|
|Accounts receivable, net||1,172,396||653,104|
|Prepaid expenses and other current assets||1,250,331||1,388,090|
|Total current assets||39,742,575||16,887,643|
|Property and equipment, net||4,011,748||3,259,487|
|Finance lease right-of-use assets, net||90,467||449,628|
|Operating lease right-of-use assets||1,814,396||2,082,300|
|Intangible assets, net||14,530,209||16,580,963|
|Other noncurrent assets||551,794||779,953|
|Liabilities and Stockholders’ Equity|
|Accrued compensation and benefits||1,621,788||2,126,511|
|Short-term notes payable||14,519,113||699,000|
|Short-term finance lease liabilities||43,150||266,470|
|Short-term operating lease liabilities||459,792||964,434|
|Total current liabilities||19,916,769||7,372,030|
|Long-term finance lease liabilities||3,644||46,794|
|Long-term operating lease liabilities||2,977,402||1,492,544|
|Other long term liabilities||146,798||156,635|
|Additional paid-in capital||275,708,490||219,129,045|
|Accumulated other comprehensive income||585,626||2,547,182|
|Total stockholders’ equity||41,217,080||21,191,255|
|Total liabilities and stockholders’ equity||$||71,666,533||$||49,751,045|
|Consolidated Statements of Operations and Comprehensive Loss|
|Three Months Ended
|Cost of products sold||750,896||1,019,514||2,295,828||3,360,280|
|Cost of services||106,388||(61,904||)||552,620||488,211|
|Research and development, net||2,855,295||3,334,586||10,910,679||9,964,720|
|General and administrative||2,624,227||2,252,229||9,935,963||8,801,661|
|Sales and marketing||1,007,885||835,112||3,713,263||3,094,092|
|Impairment of right-of-use asset||—||101,838||170,714||101,838|
|Impairment of intangibles assets||—||—||—||750,596|
|Gain on sale of equipment||—||(100,000||)||—||(100,000||)|
|Total operating expenses||7,344,691||7,382,575||27,579,067||26,932,920|
|Gain on extinguishment of debt||—||884,970||259,353||884,970|
|Warrant inducement expense||—||—||(7,755,541||)||—|
|Interest and other income, net||3,708||3,983||45,179||105,627|
|Foreign currency transaction gains/(losses)||235,449||(674,023||)||891,223||(1,468,855||)|
|Change in fair value of derivative financial instruments||31,322||(30,328||)||(129,731||)||517,680|
|Total other expense||(942,834||)||(947,697||)||(11,488,848||)||(3,359,962||)|
|Loss before income taxes||(6,861,957||)||-||(6,977,914||)||(34,761,884||)||(26,078,441||)|
|Provision for income taxes||43,828||132,403||43,828||132,403|
|Deemed dividend on beneficial conversion feature||(7,166,752||)||—||(7,166,752||)||—|
|Net loss available to common stockholders||$||(14,072,537||)||$||(7,110,317||)||$||(41,972,464||)||$||(26,210,844||)|
|Basic and diluted net loss per share attributable to common stockholders||$||(0.35||)||$||(0.34||)||$||(1.14||)||$||(1.66||)|
|Weighted average shares outstanding - basic and diluted||40,444,815||21,056,199||36,674,083||15,800,781|
|Other comprehensive (loss) income - foreign currency translation||(815,201||)||933,180||(1,961,556||)||2,564,497|
President and CEO
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Source: OpGen, Inc.