HTG Molecular Diagnostics Reports Full Year 2021 Results
HTG Molecular Diagnostics (Nasdaq: HTGM) reported its financial results for 2021, showing total revenue of $8.9 million, a modest increase from $8.5 million in 2020. Product-related services revenue rose 13% to $8.9 million. The company's HTG Transcriptome Panel became its top-selling assay within five months of launch, contributing approximately 16% to total revenue. Despite a net loss of $17.1 million, improved from $20.9 million in 2020, cash reserves stood at $21.9 million. Recent expansions include a strengthened therapeutics team and a $7.5 million private placement.
- Total revenue increased to $8.9 million from $8.5 million in 2020.
- HTG Transcriptome Panel accounted for approximately 16% of total revenue shortly after its launch.
- Net loss decreased from $20.9 million in 2020 to $17.1 million in 2021.
- Strengthened therapeutics team with industry veterans, enhancing future potential.
- Net loss of $17.1 million still represents a significant financial burden.
- High operating expenses totaling $26.7 million, leading to ongoing losses.
Call scheduled for today, March 29, at 4:30 pm ET
TUCSON, Ariz., March 29, 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 its financial results for the year ended December 31, 2021.
Recent Business Highlights
- HTG Transcriptome Panel (“HTP”) revenue continued to increase in the fourth quarter of 2021, ending the year as the top selling assay at approximately
16% of total revenue, just 5 months after commercial sales availability. - Announced the expansion of its therapeutics team with the addition of several highly experienced professionals, led by Stephen Barat, Ph.D., a drug development veteran who most recently served with the Janssen Pharmaceutical Companies of Johnson and Johnson (Janssen).
- Expanded its HTG Therapeutics business unit’s Scientific Advisory Board with the addition of Jerald Radich, M.D., a pioneer in the fields of leukemia research and molecular genetics, and Robert Spitale, Ph.D., Associate Director and Associate Dean of Research in the School of Pharmacy and Pharmaceutical Services at the University of California, Irvine.
- Added extensive biopharmaceutical industry experience and therapeutic depth to its Board of Directors with the addition of Christopher Kiritsy, formerly of KOS Pharmaceuticals.
- Completed a private placement of its securities for gross proceeds of approximately
$7.5 million .
Full Year 2021 Financial Highlights:
Total revenue for the year ended December 31, 2021 was
Product and product-related services revenue increased by
Net loss from operations for the year ended December 31, 2021 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, March 29, 2022 |
| Time: | 4:30 p.m. Eastern Time |
| Toll Free: | (855) 327-6837 |
| International: | (631) 891-4304 |
| Conference ID: | 10018508 |
| Webcast: | https://themediaframe.com/mediaframe/webcast.html?webcastid=pSgvu2PM |
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.
Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com
| HTG Molecular Diagnostics, Inc. | ||||||
| Consolidated Statements of Operations | ||||||
| Years Ended December 31, | ||||||
| 2021 | 2020 | |||||
| Revenue: | ||||||
| Product and product-related services | $ | 8,906,828 | $ | 7,890,854 | ||
| Collaborative development services | — | 658,010 | ||||
| Total revenue | 8,906,828 | 8,548,864 | ||||
| Operating expenses: | ||||||
| Cost of product and product-related services revenue | 4,094,980 | 3,991,532 | ||||
| Selling, general and administrative | 16,546,740 | 18,063,064 | ||||
| Research and development | 6,088,934 | 6,079,907 | ||||
| Total operating expenses | 26,730,654 | 28,134,503 | ||||
| Operating loss | (17,823,826 | ) | (19,585,639 | ) | ||
| Other expense, net | (1,034,661 | ) | (747,770 | ) | ||
| Gain on forgiveness of PPP Loan | 1,735,792 | — | ||||
| Loss on extinguishment of MidCap Credit Facility and QNAH Convertible Note | — | (522,394 | ) | |||
| Net loss before income taxes | (17,122,695 | ) | (20,855,803 | ) | ||
| Provision for income taxes | (22,475 | ) | (14,415 | ) | ||
| Net loss | $ | (17,145,170 | ) | $ | (20,870,218 | ) |
| Net loss per share, basic and diluted | $ | (2.47 | ) | $ | (4.51 | ) |
| Shares used in computing net loss per share, basic and diluted | 6,936,131 | 4,627,918 | ||||
| HTG Molecular Diagnostics, Inc. | ||||||
| Consolidated Balance Sheets | ||||||
| December 31, | ||||||
| 2021 | 2020 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 9,599,950 | $ | 22,397,812 | ||
| Short-term investments available-for-sale, at fair value | 12,343,456 | 6,298,075 | ||||
| Accounts receivable, net | 2,092,466 | 1,588,767 | ||||
| Inventory, net | 1,987,753 | 1,492,126 | ||||
| Prepaid expenses and other | 1,163,339 | 1,094,273 | ||||
| Total current assets | 27,186,964 | 32,871,053 | ||||
| Operating lease right-of-use assets | 1,345,361 | 1,009,097 | ||||
| Property and equipment, net | 1,118,886 | 1,227,402 | ||||
| Other non-current assets | 809,476 | 90,356 | ||||
| Total assets | $ | 30,460,687 | $ | 35,197,908 | ||
| Liabilities and stockholders' equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,649,440 | $ | 1,348,762 | ||
| Accrued liabilities | 2,022,569 | 1,459,878 | ||||
| Contract liabilities - current | 124,941 | 185,083 | ||||
| NuvoGen obligation - current | 548,301 | 512,729 | ||||
| Short-term debt | 5,167,586 | 3,022,139 | ||||
| Operating lease liabilities - current | 413,865 | 685,220 | ||||
| Other current liabilities | 16,808 | 22,563 | ||||
| Total current liabilities | 9,943,510 | 7,236,374 | ||||
| NuvoGen obligation - non-current, net of discount | 3,900,880 | 4,479,396 | ||||
| Long-term debt, net | 5,178,629 | 8,568,308 | ||||
| Operating lease liabilities - non-current | 949,461 | 368,682 | ||||
| Other non-current liabilities | 88,383 | 60,488 | ||||
| Total liabilities | 20,060,863 | 20,713,248 | ||||
| Commitments and Contingencies | ||||||
| Total stockholders’ equity | 10,399,824 | 14,484,660 | ||||
| Total liabilities and stockholders' equity | $ | 30,460,687 | $ | 35,197,908 | ||
FAQ
What were HTG Molecular Diagnostics' total revenues for 2021?
What is the financial loss reported by HTG for 2021?
When will HTG Molecular Diagnostics' conference call take place?
How much cash does HTG Molecular Diagnostics have as of December 31, 2021?
What is the significance of the HTG Transcriptome Panel?
