OpGen - Forecasts reset ahead of busy 2023
OpGen’s FY22 update reflected a busy period for the company following the FY22 preliminary update in January 2023. Top-line performance continued to be affected by longer sales cycles, although the year was marked by traction across the company’s business units. Operating losses rose to $34.6m in FY22, affected by a $12.3m impairment recognized for goodwill and in-process R&D. The adjusted operating loss of $22.2m was an improvement over the FY21 figure of $23.1m, supported by tighter control of R&D and G&A expenses. We expect financing to be a strategic priority in Q223 given the expected cash runway to June 2023 and upcoming debt repayment of the European Investment Bank (EIB) loan (€3m plus interest payments due in June). We revise our estimates to reflect FY22 performance and management’s FY23 revenue guidance of $4–5m. Our valuation stands at $66.7m (vs $67.5m). Our per share valuation adjusts to $12.2/share, reflecting the 1:20 share consolidation.
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