HTG Molecular Diagnostics Inc (NASDAQ:HTGM) misses market’s expectations

HTG Molecular Diagnostics Inc (NASDAQ:HTGM), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, stock fell 3.17% (As on May 13, 11:35:41 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the first quarter of FY 22. Sales of the HTP to new and existing customers as consumables and sample processing services represented over 40% of revenue for the quarter ended March 31, 2022. Net loss from operations for the quarter ended March 31, 2022 was $6.3 million, compared with $4.6 million for the same period in 2021. Net loss per share was $(0.81) for the quarter ended March 31, 2022 compared with $(0.80) for the first quarter of 2021. Cash, cash equivalents and short-term available-for-sale securities totaled $21.6 million as of March 31, 2022, with current liabilities of approximately $8.5 million and non-current liabilities of $8.7 million.

HTGM in the first quarter of FY 22 has reported the adjusted loss per share of 81 cents, missing the analysts’ estimates for the adjusted loss per share of 71 cents, according  to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $1.18 billion in the first quarter of FY 22, missing the analysts’ estimates for revenue by 15.43%.

On the other hand, the company has 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. The company has 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. The company has 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.

Meanwhile, the company has 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. HTG intends to use the net proceeds from the private placement for working capital and general corporate purposes. Pursuant to the terms of the securities purchase agreement, HTG will issue 3,244,987 units at a price of $2.312 per unit to the investor (less $0.001 for each pre-funded warrant purchased in lieu of a share of common stock).

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