- OpGen ( NASDAQ: OPGN ) reported Thursday its preliminary revenue of $0.4M for the third quarter, down from $1.2M in Q3 2021.
- The Maryland-based biotech ended the September quarter with cash balance of about $10.3M. The company further raised a $3.38M in direct stock offering closed on Oct. 3, 2022.
- "We have seen a decrease in revenue in Q3 2022 compared to last year’s third quarter due to the completion of the New York State Department of Health project in Q3 last year, and lower than expected ARES sales.....Acuitas sales are not reflected in the third quarter numbers at a material level either, since the first couple of sites became operational with completed systems installations and trainings in October," commented President and CEO Oliver Schacht.
- Stock is down 5% in pre-market trading on Thursday.
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OpGen reports lower revenue in third quarter pre-announcement