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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OpGen Inc | NASDAQ:OPGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.23 | 2.20 | 2.50 | 45 | 13:19:40 |
OpGen’s revenue for the fourth quarter of 2021 was approximately $1.43 million, a 5% increase from $1.35 million in Q4 2020. Its total revenue for 2021 was approximately $4.3 million, up 2% from $4.2 million in 2020.
“We are pleased with our fourth quarter and full-year 2021 financial picture as we look forward to our 2022 commercialization initiatives,” said Oliver Schacht, President & CEO of OpGen. “The Company’s positive 2022 outlook is based on OpGen’s improved cash position, existing network of partnerships, and recent collaborations.”
“We are continuing to execute on our key development milestones, as recently seen with the successful completion of final verification and validation, as well as lifetime testing of the Unyvero A30 RQ platform,” Mr. Schacht continued. “I am pleased with our accomplishments and continue to believe we are putting our Company in a position to succeed.”
Fourth Quarter and Full-Year 2021 Financial Results of OpGen, Inc.
In reporting OpGen’s Q4 2021 and full-year financials, Albert Weber, OpGen’s Chief Financial Officer (CFO), said, “As we have entered 2022, we see ourselves in a much better position than a year ago.” Mr. Weber joined OpGen in January 2022. “With existing products picking up sales and with the upcoming product commercialization pipeline, OpGen anticipates revenue growth to be significantly stronger in 2022 than the previous year and expects a steady improvement in gross margins over time. We expect our R&D, G&A and sales and marketing spend will be mostly on par with last year. We have a solid cash position to execute on our business plan.”
“OpGen’s revenue growth is primarily attributed to the strong uptake in Unyvero sales in the U.S. and globally,” said Mr. Weber. “OpGen’s top line was further supported by significant increases in laboratory services, mainly due to COVID testing services performed by OpGen’s subsidiaries Curetis and Ares Genetics’ NGS-based services. Collaboration revenue declined mainly due to conclusion of a non-recurring R&D collaboration project at Ares Genetics and the New York State Department of Health project; however, it was more than offset by higher lab service revenue.”
Mr. Weber reported that OpGen continues to explore restructuring options for the repayment of amounts due under its loan with the European Investment Bank, including through the payment of cash, possible amortization over time, issuance of equity over a period of up to 24 months or a combination of both. The Company is in discussion with the EIB as well as several other parties relating to such repayment options. The first tranche under the loan of approximately $15 million matures and is due in late April 2022 followed by maturity dates in June 2023 and June 2024 of approximately $4.4 million and $7.4 million, respectively. Such options would allow the Company to preserve cash and help avoid conversion of the debt to equity at this time when there are unfavorable market conditions. The Company believes that such changes will also provide greater flexibility and potentially help minimize dilution.
The Company announced reaching the following key milestones, as well as recent developments in the fourth quarter and into 2022 to date:
In outlining OpGen’s 2022 initiatives, Mr. Schacht said, “We look forward to achieving upcoming key milestones in the development and commercialization of our innovative diagnostic test portfolio.” “OpGen’s recent 510(k) approval for its Acuitas AMR Gene Panel, the commercial launch of the AREScloud web application, and Ares Genetics’ strategic non-exclusive database access transaction, have already set the tone for 2022,” Mr. Schacht said. “OpGen is expecting to report results of its Chinese clinical study once completed and pending clearance decision by the China’s National Medical Products Administration (NMPA), its Unyvero UTI clinical trial and anticipated FDA submission, the Unyvero A30 platform development and partnering activities, and Ares Genetics’ commercial expansion in Europe and the U.S.”
In terms of guidance for 2022, OpGen expects to:
Conference Call Information
OpGen’s management will host a conference call today, March 29th at 4:30 p.m. EDT, to discuss the fourth quarter and full-year 2021 financial results and other business activities, as well as answer questions. Dial-in information is below:
Dial-in InformationU.S. Dial-in Number: +1-877-705-6003International Dial-in Number: +1-201-493-6725Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1525984&tp_key=2d6460e1c0Conference ID: 13726634 |
Following the conclusion of the conference call, a replay will be available through April 12, 2022. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below:
Replay InformationU.S. Dial-in Number: + 1-844-512-2921International Dial-in Number: +1-412-317-6671Replay PIN: 13726634 |
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s product portfolio includes Unyvero, Acuitas AMR Gene Panel and Acuitas® Lighthouse, and the ARES Technology Platform including ARESdb, using NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction.
For more information, please visit www.opgen.com.
Forward-Looking Statements
This press release includes statements regarding the fourth quarter 2021 and full year 2021 financials of OpGen and the current business of OpGen. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the success of our commercialization efforts, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use proceeds from recent financings, the continued realization of expected benefits of our business combination transaction with Curetis GmbH, the continued impact of COVID-19 on the Company’s operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, the effect of the military action in Russia and Ukraine on our distributors, collaborators and service providers, our liquidity and working capital requirements, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
OpGen, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(unaudited) | |||||||||
December 31, 2021 | December 31, 2020 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 36,080,392 | $ | 13,360,463 | |||||
Accounts receivable, net | 1,172,396 | 653,104 | |||||||
Inventory, net | 1,239,456 | 1,485,986 | |||||||
Prepaid expenses and other current assets | 1,250,331 | 1,388,090 | |||||||
Total current assets | 39,742,575 | 16,887,643 | |||||||
Property and equipment, net | 4,011,748 | 3,259,487 | |||||||
Finance lease right-of-use assets, net | 90,467 | 449,628 | |||||||
Operating lease right-of-use assets | 1,814,396 | 2,082,300 | |||||||
Goodwill | 7,453,007 | 8,024,729 | |||||||
Intangible assets, net | 14,530,209 | 16,580,963 | |||||||
Strategic inventory | 3,472,337 | 1,686,342 | |||||||
Other noncurrent assets | 551,794 | 779,953 | |||||||
Total assets | $ | 71,666,533 | $ | 49,751,045 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 1,307,081 | $ | 1,868,666 | |||||
Accrued compensation and benefits | 1,621,788 | 2,126,511 | |||||||
Accrued liabilities | 1,965,845 | 1,437,141 | |||||||
Deferred revenue | — | 9,808 | |||||||
Short-term notes payable | 14,519,113 | 699,000 | |||||||
Short-term finance lease liabilities | 43,150 | 266,470 | |||||||
Short-term operating lease liabilities | 459,792 | 964,434 | |||||||
Total current liabilities | 19,916,769 | 7,372,030 | |||||||
Note payable | 7,176,251 | 19,378,935 | |||||||
Derivative liabilities | 228,589 | 112,852 | |||||||
Long-term finance lease liabilities | 3,644 | 46,794 | |||||||
Long-term operating lease liabilities | 2,977,402 | 1,492,544 | |||||||
Other long term liabilities | 146,798 | 156,635 | |||||||
Total liabilities | 30,449,453 | 28,559,790 | |||||||
Stockholders' equity | |||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at December 31, 2021 and 2020, respectively | — | — | |||||||
Common stock, $0.01 par value; 100,000,000 shares authorized; 46,450,250 and 25,085,534 shares issued and outstanding at December 31, 2021 and 2020, respectively | 464,503 | 250,855 | |||||||
Additional paid-in capital | 275,708,490 | 219,129,045 | |||||||
Accumulated deficit | (235,541,539 | ) | (200,735,827 | ) | |||||
Accumulated other comprehensive income | 585,626 | 2,547,182 | |||||||
Total stockholders’ equity | 41,217,080 | 21,191,255 | |||||||
Total liabilities and stockholders’ equity | $ | 71,666,533 | $ | 49,751,045 | |||||
OpGen, Inc. | |||||||||||||||||
Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Revenue | |||||||||||||||||
Product sales | $ | 1,177,399 | $ | 1,134,565 | $ | 2,656,669 | $ | 2,704,364 | |||||||||
Laboratory services | 169,608 | 28,852 | 813,210 | 167,736 | |||||||||||||
Collaboration revenue | 78,561 | 188,941 | 836,152 | 1,342,341 | |||||||||||||
Total revenue | 1,425,568 | 1,352,358 | 4,306,031 | 4,214,441 | |||||||||||||
Operating expenses | |||||||||||||||||
Cost of products sold | 750,896 | 1,019,514 | 2,295,828 | 3,360,280 | |||||||||||||
Cost of services | 106,388 | (61,904 | ) | 552,620 | 488,211 | ||||||||||||
Research and development, net | 2,855,295 | 3,334,586 | 10,910,679 | 9,964,720 | |||||||||||||
General and administrative | 2,624,227 | 2,252,229 | 9,935,963 | 8,801,661 | |||||||||||||
Sales and marketing | 1,007,885 | 835,112 | 3,713,263 | 3,094,092 | |||||||||||||
Transaction costs | — | 1,200 | — | 471,522 | |||||||||||||
Impairment of right-of-use asset | — | 101,838 | 170,714 | 101,838 | |||||||||||||
Impairment of intangibles assets | — | — | — | 750,596 | |||||||||||||
Gain on sale of equipment | — | (100,000 | ) | — | (100,000 | ) | |||||||||||
Total operating expenses | 7,344,691 | 7,382,575 | 27,579,067 | 26,932,920 | |||||||||||||
Operating loss | (5,919,123 | ) | (6,030,217 | ) | (23,273,036 | ) | (22,718,479 | ) | |||||||||
Other expense | |||||||||||||||||
Gain on extinguishment of debt | — | 884,970 | 259,353 | 884,970 | |||||||||||||
Warrant inducement expense | — | — | (7,755,541 | ) | — | ||||||||||||
Interest and other income, net | 3,708 | 3,983 | 45,179 | 105,627 | |||||||||||||
Interest expense | (1,213,313 | ) | (1,132,299 | ) | (4,799,331 | ) | (3,399,384 | ) | |||||||||
Foreign currency transaction gains/(losses) | 235,449 | (674,023 | ) | 891,223 | (1,468,855 | ) | |||||||||||
Change in fair value of derivative financial instruments | 31,322 | (30,328 | ) | (129,731 | ) | 517,680 | |||||||||||
Total other expense | (942,834 | ) | (947,697 | ) | (11,488,848 | ) | (3,359,962 | ) | |||||||||
Loss before income taxes | (6,861,957 | ) | - | (6,977,914 | ) | (34,761,884 | ) | (26,078,441 | ) | ||||||||
Provision for income taxes | 43,828 | 132,403 | 43,828 | 132,403 | |||||||||||||
Net loss | $ | (6,905,785 | ) | $ | (7,110,317 | ) | $ | (34,805,712 | ) | $ | (26,210,844 | ) | |||||
Deemed dividend on beneficial conversion feature | (7,166,752 | ) | — | (7,166,752 | ) | — | |||||||||||
Net loss available to common stockholders | $ | (14,072,537 | ) | $ | (7,110,317 | ) | $ | (41,972,464 | ) | $ | (26,210,844 | ) | |||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.35 | ) | $ | (0.34 | ) | $ | (1.14 | ) | $ | (1.66 | ) | |||||
Weighted average shares outstanding - basic and diluted | 40,444,815 | 21,056,199 | 36,674,083 | 15,800,781 | |||||||||||||
Net loss | $ | (6,905,785 | ) | $ | (7,110,317 | ) | $ | (34,805,712 | ) | $ | (26,210,844 | ) | |||||
Other comprehensive (loss) income - foreign currency translation | (815,201 | ) | 933,180 | (1,961,556 | ) | 2,564,497 | |||||||||||
Comprehensive loss | $ | (7,720,986 | ) | $ | (6,177,137 | ) | $ | (36,767,268 | ) | $ | (23,646,347 | ) | |||||
OpGen:Oliver SchachtPresident and CEOInvestorRelations@opgen.com
OpGen Press Contact:Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com
OpGen Investor Contact:Alyssa FactorEdison Groupafactor@edisongroup.com
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