On August 12, 2021 HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, reported its financial results for the quarter ended June 30, 2021 (Press release, HTG Molecular Diagnostics, AUG 12, 2021, View Source [SID1234586443]).
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Recent Business Highlights
Total revenue increased by approximately 45% from the first quarter to the second quarter of 2021.
Commercially launched the HTG Transcriptome Panel for sale in the U.S. and Europe in kit form or as a service in HTG’s VERI/O laboratory. The HTG Transcriptome Panel, designed to measure approximately 20,000 mRNA targets using the HTG EdgeSeq technology, is currently available for use with the Illumina sequencing platforms. Through its work with Early Adopter Program collaborators in the first half of 2021, the company received its first revenue-generating commercial orders for the HTG Transcriptome Panel in the second quarter of 2021.
Announced the release of HTG EdgeSeq Reveal version 4.0.0, adding additional features and software functionalities to support, among other things, data analysis for the HTG Transcriptome Panel.
Formed a new drug discovery business unit, HTG Therapeutics, in July 2021. This business unit is expected to leverage the company’s existing capabilities and expand upon the utility of the HTG EdgeSeq platform technology in the discovery of early-stage drug candidates. By leveraging these profiling technologies earlier in the drug discovery process, HTG Therapeutics is expected to generate lead compounds faster, and with superior efficacy and toxicity profiles.
"We believe our sequential growth this quarter over the first quarter of 2021 indicates our core business is recovering. Increased sample processing activity in our VERI/O laboratory and consumable product orders from existing and new customers were the driving factors in the growth of our product and product-related services revenue. I commend our commercial team, whose commitment with existing and new customers has never wavered despite the challenges we faced since 2020," said John Lubniewski, President and CEO of HTG. "The focus of our research and development teams on development milestones and opportunities to improve upon our existing technology and expand into other RNA-related applications has resulted in significant progress this quarter. We again successfully completed our development milestones in the second quarter, which enabled us to commercially launch our HTG Transcriptome Panel on August 5th. In addition, our vision to further advance precision medicine into drug discovery is quickly coming into place, and we are excited to be building an even stronger technology platform foundation with which we can continue to grow."
Second Quarter 2021 Financial Highlights:
Total revenue for the quarter ended June 30, 2021 was $2.1 million, compared with $2.0 million for the same period in 2020.
Product and product-related services revenue for the quarter ended June 30, 2021 was $2.1 million, compared with $1.7 million for the same period in 2020 and $1.4 million for the first quarter ended March 31, 2021. This increase is due primarily to RUO sample processing services and the sale of RUO consumables products for which demand has begun to recover to pre-COVID-19 levels as customers have resumed development activities. Revenue for the quarter ended June 30, 2020 included $0.2 million of collaborative development services revenue for which the remaining contracted development tasks on our existing programs have been completed.
Net loss from operations for the quarter ended June 30, 2021 was $4.1 million, compared with $5.0 million for the same period in 2020. Net loss per share was $(0.39) for the quarter ended June 30, 2021 compared with $(1.30) for the second quarter of 2020.
Cash, cash equivalents and short-term available-for-sale securities totaled $29.8 million as of June 30, 2021, with current liabilities of approximately $7.1 million and non-current liabilities of $11.7 million.
Conference Call and Webcast:
HTG will host a conference call for the investment community today beginning at 4:30 p.m. Eastern Time. Conference call and webcast details are as follows: