OpGen’s Q222 revenue growth re-accelerated with the post-pandemic normalization in demand. Revenues of $0.97m increased 19% y-o-y, largely driven by strength in its core offering, Unyvero. Management announced several notable wins that provide momentum to close the back half of the year strong, including the signing of two commercial Acuitas AMR Gene Panel contracts, extension of the Unyvero distribution agreement with Menarini in Europe, new distribution agreements in the Middle East and Kosovo, and the steady growth of subsidiary Ares Genetics. Incorporating the quarterly results, lower net cash balance and a higher share count (following the initial utilization of the $10.7m at-the-market sales facility) lowers our valuation to $1.7/share (vs $2.0/share previously).
12 Aug 2022
OpGen - Re-acceleration with momentum in the back half
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OpGen - Re-acceleration with momentum in the back half
- Published:
12 Aug 2022 -
Author:
Soo Romanoff -
Pages:
3
OpGen’s Q222 revenue growth re-accelerated with the post-pandemic normalization in demand. Revenues of $0.97m increased 19% y-o-y, largely driven by strength in its core offering, Unyvero. Management announced several notable wins that provide momentum to close the back half of the year strong, including the signing of two commercial Acuitas AMR Gene Panel contracts, extension of the Unyvero distribution agreement with Menarini in Europe, new distribution agreements in the Middle East and Kosovo, and the steady growth of subsidiary Ares Genetics. Incorporating the quarterly results, lower net cash balance and a higher share count (following the initial utilization of the $10.7m at-the-market sales facility) lowers our valuation to $1.7/share (vs $2.0/share previously).