OpGen - Broadening its commercial footprint in Q322
The penultimate quarter of FY22 for OpGen was marked by tangible progress in advancing its pipeline, although revenue realization was lower than anticipated at c $0.4m in Q322 (attributed to a lower-than-expected contribution from ARES). Key milestones achieved during the quarter were the signing of a second commercial contract for the Acuitas AMR Gene Panel, completion of patient enrollment for the UTI test panel in the US, launch of ARES sequencing services in the US and collaborations with FIND and BioVersys. We foresee monetization potential from each of these opportunities but note that Q422 revenues would need to be particularly strong to meet the FY22 guidance of a 25% y-o-y top-line growth. Gross cash balance at the end of the quarter stood at $10.3m, which has been bolstered with a c $3m post period net raise. Our valuation remains unchanged at $84.6m pending disclosure of the full Q322 accounts.
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