On January 5, 2021 HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, reported certain preliminary, unaudited financial results for the year ended December 31, 2020 (Press release, HTG Molecular Diagnostics, JAN 5, 2021, View Source [SID1234573483]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Total revenue for the full year 2020 is expected to be approximately $8.5 million. Cash, cash equivalents and short-term marketable securities are expected to be approximately $28.7 million as of December 31, 2020.
"Clearly COVID-19 impacted our core oncology business as planned studies were delayed and operations in many of our customers’ laboratories were suspended or significantly curtailed," said John Lubniewski, CEO of HTG. "Despite these challenges, we saw returning strength in our core business in the second half and especially in the fourth quarter of 2020. We successfully advanced our strategies to increase customer diversification into smaller and mid-sized biopharma companies and expand business with large, academic medical centers. In addition, we expanded our market reach beyond oncology into immune response, gaining several new customers and programs in the fourth quarter. Although we cannot predict the extent or duration of COVID-19’s impact on our business in 2021, we are excited about our recent expansion into the immune response market."
Mr. Lubniewski continued, "We also remain very focused on our 20,000 plus gene whole transcriptome product that is in development and have executed several letters of intent with potential collaborators for our early access program in December 2020. We look forward to working with these organizations and believe, with this approach, we will have a successful initial product launch, currently on track for the third quarter of 2021. We believe we have used 2020 to strengthen the company and set the stage for revenue growth in 2021."
The preliminary results set forth above are unaudited, are based on management’s initial review of the company’s results as of and for the year ended December 31, 2020 and are subject to revision based upon the company’s year-end closing procedures and the completion and external audit of the company’s year-end financial statements. Actual results may differ materially from these preliminary unaudited results as a result of the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that company’s financial results are finalized, and such changes could
be material. In addition, these preliminary unaudited results are not a comprehensive statement of the company’s financial results for the year ended December 31, 2020, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the company’s results for any future period.
The company expects to announce full 2020 financial results in advance of its quarterly conference call in March 2021.