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OpGen Announces 2015 Fourth Quarter and Full Year Financial Results
Fourth quarter revenue increases 18% over prior year period to $1.3 million
Conference call begins at 10:00 a.m. Eastern time today
GAITHERSBURG, Md. (March 30, 2016) – OpGen, Inc. (NASDAQ: OPGN), a precision medicine company using molecular diagnostics and bioinformatics to combat infectious disease, today reported financial and operational results for the fourth quarter and year ended December 31, 2015. OpGen reported total revenue for the fourth quarter of 2015 of $1.3 million, compared with $1.1 million for the fourth quarter of 2014, an 18% increase. Revenue from product sales increased approximately 220% in the fourth quarter of 2015 to $1.3 million compared with $0.4 million in the fourth quarter of 2014. The increase was attributable to sales of rapid pathogen ID molecular diagnostic products following the company’s acquisition of AdvanDx in July.
Total revenue for 2015 was $3.2 million, compared with $4.1 million for 2014. Product sales, which includes the company’s rapid pathogen ID molecular diagnostic products, increased approximately 120% for the year to $2.7 million up from $1.2 million in 2014. This was offset by a $2.1 million decrease in collaboration revenue as a result of the completion of a genome mapping technology development agreement. Product sales and services gross margin was constant at 45% for 2015 and 2014 reflecting the contribution of our higher margin QuickFISH® products and partial overheads from the start-up of our CLIA lab operation. Total operating expenses for the fourth quarter of 2015 were $6.2 million compared with $2.5 million for the fourth quarter of 2014, and were $18.2 million for the year compared with $9.7 million for 2014. The net loss available to common stockholders for the fourth quarter of 2015 was $4.7 million, or $0.38 per share, and for the year it was $17.6 million, or $2.20 per share. The company had cash and cash equivalents of $7.8 million as of December 31, 2015, compared with $0.7 million as of December 31, 2014.
"During 2015 we transformed OpGen into a precision medicine company with the goal of helping improve antibiotic therapy and combating drug-resistant infections globally," commented Evan Jones, chairman and chief executive officer of OpGen. “Results for the fourth quarter and fiscal 2015 reflected the success of our emerging molecular information business with solid revenue growth from product sales and an expanding portfolio of high value molecular diagnostic products and services.”
Key 2015 developments included:
|·||Completed an initial public offering, raising $17.1 million in gross proceeds|
|·||Completed a $6 million financing with Merck Global Health Innovation Fund, LLC (Merck GHI)|
|·||Acquired AdvanDx, Inc., a market leader in rapid molecular testing for microorganism identification|
|·||Expanded management team with addition of Kevin Krenitsky, MD, President, former CCO and COO of Foundation Medicine, Inc.; Tim Dec, CFO; and Geoff McKinley, SVP R&D and Business Development|
The following information was filed by Opgen Inc (OPGN) on Wednesday, March 30, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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