HTG Molecular Diagnostics Reports First Quarter 2022 Results
HTG Molecular Diagnostics reported its Q1 2022 financial results, revealing a revenue of $1.2 million, down from $1.4 million in Q1 2021. The net loss from operations increased to $6.3 million compared to $4.6 million the previous year, with a net loss per share of $(0.81). Despite these challenges, the company secured approximately $7.2 million from a private placement. Business highlights include the launch of a proof-of-approach white paper and enhancements to the HTG EdgeSeq technology, aiming to streamline processes for clients.
- Secured approximately $7.2 million from a private placement.
- Released a proof-of-approach white paper showcasing technology utility.
- Expanded HTG Therapeutics leadership with the addition of Christina M. Carruthers, Ph.D.
- Revenue decreased to $1.2 million from $1.4 million year-over-year.
- Net loss from operations increased to $6.3 million compared to $4.6 million in the previous year.
- Net loss per share remained high at $(0.81).
Call scheduled for today, May 12, at 4:30 pm ET
TUCSON, Ariz., May 12, 2022 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, today reported recent business highlights and financial results for the quarter ended March 31, 2022.
Recent Business Highlights
- Released a proof-of-approach white paper, demonstrating the utility of HTG’s proprietary profiling technologies as a key component of its novel drug discovery and design platform.
- Expanded the HTG Therapeutics business unit leadership team with the addition of Christina M. Carruthers, Ph.D., as Vice President of Target Strategy and Early Development.
- Expanded the utility of the HTG EdgeSeq technology by harmonizing sample preparation protocols for the miRNA Whole Transcriptome Assay and the HTG Transcriptome Panel (HTP), allowing customers to use a single tissue section and one lysate method to run both panels.
- Completed a private placement with a leading healthcare investor. The gross proceeds to HTG from the private placement, after deducting the placement agent fees and other expenses related to the transaction, were approximately
$7.2 million .
First Quarter 2022 Financial Highlights:
Revenue for the quarter ended March 31, 2022 was
Net loss from operations for the quarter ended March 31, 2022 was
Cash, cash equivalents and short-term available-for-sale securities totaled
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:
| Date: | Thursday, May 12, 2022 | |
| Time: | 4:30 p.m. Eastern Time | |
| Toll Free: | (855) 327-6837 | |
| International: | (631) 891-4304 | |
| Conference ID: | 10019008 | |
| Webcast: | https://services.choruscall.com/mediaframe/webcast.html?webcastid=zldEP8Ko |
About HTG:
HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.
Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.
HTG Investor Contact:
Ashley Robinson
LifeSci Advisors
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com
-Financial tables follow-
| HTG Molecular Diagnostics, Inc. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Product and product-related services revenue | $ | 1,184,454 | $ | 1,435,146 | ||||
| Operating expenses: | ||||||||
| Cost of product and product-related services revenue | 855,048 | 785,200 | ||||||
| Selling, general and administrative | 4,663,011 | 3,859,619 | ||||||
| Research and development | 1,920,430 | 1,372,040 | ||||||
| Total operating expenses | 7,438,489 | 6,016,859 | ||||||
| Operating loss | (6,254,035 | ) | (4,581,713 | ) | ||||
| Other income (expense) | (243,098 | ) | (264,145 | ) | ||||
| Net loss before income taxes | (6,497,133 | ) | (4,845,858 | ) | ||||
| Provision for income taxes | (386 | ) | (2,449 | ) | ||||
| Net loss | $ | (6,497,519 | ) | $ | (4,848,307 | ) | ||
| Net loss per share, basic and diluted | $ | (0.81 | ) | $ | (0.80 | ) | ||
| Shares used in computing net loss per share, basic and diluted | 8,011,774 | 6,040,752 | ||||||
| HTG Molecular Diagnostics, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,614,427 | $ | 9,599,950 | ||||
| Short-term investments available-for-sale, at fair value | 6,948,584 | 12,343,456 | ||||||
| Accounts receivable, net | 749,220 | 2,092,466 | ||||||
| Inventory, net | 2,022,478 | 1,987,753 | ||||||
| Prepaid expenses and other | 1,074,735 | 1,163,339 | ||||||
| Total current assets | 25,409,444 | 27,186,964 | ||||||
| Operating lease right-of-use assets | 1,245,045 | 1,345,361 | ||||||
| Property and equipment, net | 949,209 | 1,118,886 | ||||||
| Other non-current assets | 860,604 | 809,476 | ||||||
| Total assets | $ | 28,464,302 | $ | 30,460,687 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,317,009 | $ | 1,649,440 | ||||
| Accrued liabilities | 1,024,984 | 2,022,569 | ||||||
| Current portion of long-term debt | 5,000,000 | 5,167,586 | ||||||
| NuvoGen obligation - current | 548,301 | 548,301 | ||||||
| Operating lease liabilities - current | 423,111 | 413,865 | ||||||
| Other current liabilities | 181,088 | 141,749 | ||||||
| Total current liabilities | 8,494,493 | 9,943,510 | ||||||
| NuvoGen obligation - non-current, net of discount | 3,725,273 | 3,900,880 | ||||||
| Long-term debt, net | 4,046,356 | 5,178,629 | ||||||
| Other non-current liabilities | 929,706 | 1,037,844 | ||||||
| Total liabilities | 17,195,828 | 20,060,863 | ||||||
| Commitments and Contingencies | ||||||||
| Total stockholders’ equity | 11,268,474 | 10,399,824 | ||||||
| Total liabilities and stockholders' equity | $ | 28,464,302 | $ | 30,460,687 | ||||
FAQ
What were HTG's Q1 2022 financial results?
How much did HTG raise from its recent private placement?
Who joined HTG's leadership team in Q1 2022?
What was HTG's net loss in Q1 2022?
How does HTG's revenue in Q1 2022 compare to Q1 2021?
