HTG Molecular Diagnostics Inc (NASDAQ: HTGM) rose Wednesday after reporting a third-quarter sales beat. The company also sees FY17 sales in the range of $10-$13 million.
The Tucson-based company, a provider of instruments, reagents and services for molecular profiling applications, announced Tuesday it had achieved revenue of $3.7 million for the three months ended September 30, 2017, respectively, which represents a 307% increase over the prior-year quarter.
Net loss from operations for the third quarter of 2017 was $5.1 million, compared to $6.1 million for the third quarter of 2016. Net loss per share was $(0.46) for the third quarter of 2017 compared to $(0.92) for the third quarter of 2016.
HTG ended the third quarter with $9.0 million in total cash and cash equivalents.
CEO T J Johnson commented, "an intense focus on the execution of our strategy set the stage for this record quarter and we believe our momentum is accelerating."
HTG is increasing its guidance for the full year 2017 revenue and now expects it to be in the range of $10.0 million to $13.0 million.
The company also signed a second statement of work under the company’s Master Assay Development, Commercialization and Manufacturing Agreement with Qiagen Manchester Limited (QML), and a Supplement Agreement with QML and Bristol-Myers Squibb Company.
The company’s stock price jumped 28 cents, or 12.5%, to $2.52, within a 52-week trading range of $1.20 to $13.25.
