- Published: 13 May 2016
- Written by Editor
HTG Molecular Diagnostics Reports First Quarter 2016 Results
About HTG:
Headquartered in Tucson, Arizona, HTG's mission is to empower precision medicine at the local level. In 2013 the company commercialized its HTG Edge instrument platform and a portfolio of RNA assays that leverage HTG's proprietary nuclease protection chemistry. HTG's product offerings have since expanded to include its HTG EdgeSeq product line, which automates sample and targeted library preparation for next-generation sequencing.
Safe Harbor Statement:
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our collaboration agreement with Bristol Myers Squibb, expectations for growth and our 2016 strategic priorities. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements necessarily contain these identifying words. These forward-looking statements are based upon management’s current expectations, are subject to known and unknown risks, and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation, the risk that we may not realize the benefits expected under our collaboration agreements, risks associated with our ability to successfully commercialize our products; our ability to manufacture our products to meet demand; the level and availability of first party payor reimbursement for our products; our ability to effectively manage our anticipated growth; our ability to protect our intellectual property rights and proprietary technologies; our ability to operate our business without infringing the intellectual property rights and proprietary technology of first parties; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims. These and other factors are described in greater detail in our filings with the Securities and Exchange Commission, including without limitation our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. All forward-looking statements contained in this press release speak only as of the date on which they were made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
-Financial tables follow-
| HTG Molecular Diagnostics, Inc. | ||||||||||
| Statements of Operations | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2016 | 2015 | |||||||||
| Revenue: | ||||||||||
| Product | $ | 600,190 | $ | 727,438 | ||||||
| Service | 265,042 | 62,292 | ||||||||
| Other | — | 234,585 | ||||||||
| Total revenue | 865,232 | 1,024,315 | ||||||||
| Cost of revenue | 843,470 | 894,627 | ||||||||
| Gross margin | 21,762 | 129,688 | ||||||||
| Operating expenses: | ||||||||||
| Selling, general and administrative | 4,693,708 | 3,439,269 | ||||||||
| Research and development | 1,994,101 | 688,214 | ||||||||
| Total operating expenses | 6,687,809 | 4,127,483 | ||||||||
| Operating loss | (6,666,047 | ) | (3,997,795 | ) | ||||||
| Gain from change in stock warrant valuation | — | 388,960 | ||||||||
| Interest expense, net | (356,978 | ) | (479,299 | ) | ||||||
| Net loss before income taxes | (7,023,025 | ) | (4,088,134 | ) | ||||||
| Income taxes | 3,399 | — | ||||||||
| Net loss | (7,026,424 | ) | (4,088,134 | ) | ||||||
| Accretion of redeemable convertible preferred stock discount and dividends | — | (910,129 | ) | |||||||
| Net loss attributable to common stockholders | $ | (7,026,424 | ) | $ | (4,998,263 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.02 | ) | $ | (14.99 | ) | ||||
| Shares used in computing net loss per share attributable to common stockholders, basic and diluted | (1 | ) | 6,885,522 | 333,408 | ||||||
| (1) Reflects an increase in weighted average common shares outstanding during the period as a result of our IPO. | ||||||||||
| HTG Molecular Diagnostics, Inc. | ||||||||
| Balance Sheets | ||||||||
| March 31, | December 31, | |||||||
| 2016 | 2015 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,922,696 | $ | 3,293,983 | ||||
| Short-term investments available-for-sale, at fair value | 25,231,370 | 28,201,507 | ||||||
| Accounts receivable, net | 574,566 | 716,246 | ||||||
| Inventory, net | 2,365,962 | 2,201,301 | ||||||
| Prepaid expenses and other | 325,679 | 445,217 | ||||||
| Total current assets | 33,420,273 | 34,858,254 | ||||||
| Long-term investments available-for-sale, at fair value | 2,620,676 | 2,603,901 | ||||||
| Property and equipment, net | 3,712,294 | 1,932,213 | ||||||
| Total assets | $ | 39,753,243 | $ | 39,394,368 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,231,788 | $ | 724,805 | ||||
| Accrued liabilities | 1,250,849 | 1,915,268 | ||||||
| Deferred revenue | 25,448 | 47,476 | ||||||
| NuvoGen obligation | 743,750 | 543,750 | ||||||
| Term loan | 5,993,009 | 3,059,068 | ||||||
| Other current liabilities | 234,044 | 29,243 | ||||||
| Total current liabilities | 10,478,888 | 6,319,610 | ||||||
| Term loan payable - non-current, net of discount and debt issuance costs | 9,784,163 | 7,737,586 | ||||||
| NuvoGen obligation - non-current, net of discount | 8,267,204 | 8,415,122 | ||||||
| Other | 659,245 | 28,652 | ||||||
| Total liabilities | 29,189,500 | 22,500,970 | ||||||
| Commitments and Contingencies | ||||||||
| Total stockholders’ equity | 10,563,743 | 16,893,398 | ||||||
| Total liabilities and stockholders' equity | $ | 39,753,243 | $ | 39,394,368 | ||||
Contact: Westwicke Partners Jamar Ismail Phone: 415-513-1282 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. TJ Johnson President / CEO HTG Molecular Diagnostics Phone: 520-547-2827 x130 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
