tiprankstipranks
HTG Molecular reports preliminary 2022 revenue $6.4M, two est. $5.7M
The Fly

HTG Molecular reports preliminary 2022 revenue $6.4M, two est. $5.7M

Total revenue for the full year 2022 is expected to be approximately $6.4M, including approximately $2.7M of HTG Transcriptome Panel revenue representing 42% of our total revenue. Cash and cash equivalents are approximately $12.2M as of December 31, 2022."While our full year revenue did not show the level of recovery anticipated in 2022, we believe that our Q4 and full year results reflect positive trends," said John Lubniewski, CEO of HTG. "First, we are encouraged to see revenue grow by nearly 95% from the third quarter to the fourth quarter of 2022. This revenue includes both orders from customers who have previously adopted our technology and are regularly reordering kits and services, as well as orders from new customers. The year-over-year revenue also reflects an increase from 2021 to 2022 of $1.3M of HTP revenue, demonstrating growing demand for this potentially transformational product. Second, our preliminary cash and equivalents position shows a strengthened balance sheet. Considering recent revenue performance in our profiling business, we are focused on right-sizing this business, increasing efficiencies and minimizing spend without jeopardizing our ability to generate higher levels of profiling revenue or impacting our drug discovery milestones. As we look toward the rest of 2023, we are hopeful a leaner profiling business will continue to provide value to our customers, driving quality revenue and further adoption of our technology while supporting our therapeutics initiative."

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on HTGM:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles