OpGen - Guidance revision triggered by softer Q322
OpGen’s Q322 revenues of $0.4m missed consensus estimates (following a strong Q222 performance), with management attributing the softness to longer than expected sales cycles for ARES and lower Unyvero A50 sales in international markets. Encouragingly though, the quarter was marked by business advancements – signing a second Acuitas AMR Gene Panel commercial contract, completing the UTI test panel patient enrollment in the US, launching ARES sequencing services in the US and announcing collaborations with FIND and BioVersys – which all present monetization opportunities to potentially support revenue uplift starting in FY23. The Q322 miss, however, has triggered a guidance downgrade, with FY22 revenue expected to be $2.5–3.0m (previously 25% y-o-y growth; c $4.5m in revenue). In light of these developments, we withdraw our estimates and valuation while we await further clarity on the installed base, revenue mix and margins.
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