OpGen sees preliminary Q1 revenue of $617K
Apr. 14, 2020 8:55 AM ET|About: OpGen, Inc. (OPGN)|By: Mamta Mayani, SA News Editor
OpGen (NASDAQ:OPGN) expects total revenue for Q1 of ~$617,000 down from $1M in Q1 2019, excluding revenues from the Curetis businesses, which was acquired on April 1.
Acuitas AMR Gene Panel and Acuitas Lighthouse revenue, were ~$254,000, while revenues from FISH products decreased to $363,000.
OpGen significantly strengthened its balance sheet with $13.9M cash raised in Q1.
Testing and the trials have been suspended or put on hold due to hospital actions to focus resources on the COVID-19 pandemic.
Curetis, Ares Genetics, and BGI announced a partnership around BGI’s CoV-2 test kit commercialization in Europe.
Quaphaco and Curetis signed a deal for the Unyvero product line in Vietnam; the contract includes minimum commitments by Quaphaco totaling ~$2.1M over a three-year term.
Cash as of March 31 was ~$11.5M.
Full Q1 results are expected in early May 2020.
Shares are up 4% premarket.