OpGen(US:OPGN)2022-05-13 20:53Revenue Performance - Total revenue for the three months ended March 31, 2022, decreased approximately 43% to $469,745 compared to $829,716 in the same period in 2021[154] - Product sales decreased by approximately 40% in the 2022 period, primarily due to the discontinuation of the FISH product line[155] - Laboratory services revenue decreased by approximately 56% in the 2022 period, attributed to a decline in COVID testing services[155] - Collaboration revenue decreased by approximately 49% in the 2022 period, mainly due to the end of a contract with the New York State DOH in Q3 2021[155] Operating Expenses - Total operating expenses for the three months ended March 31, 2022, decreased approximately 11% to $6,315,485 compared to $7,090,934 in the same period in 2021[156] - Cost of products sold decreased approximately 47% for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to the discontinuation of the FISH product line, despite a 76% increase in direct sales in the U.S.[28] - Cost of services decreased approximately 71% for the three months ended March 31, 2022, compared to the same period in 2021, mainly due to the conclusion of a contract with the New York State DOH in Q3 2021[28] - Research and development expenses decreased approximately 18% for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to reduced payroll-related costs[28] - General and administrative expenses decreased approximately 1% for the three months ended March 31, 2022, compared to the same period in 2021, mainly due to lower consulting and legal costs[28] - Sales and marketing expenses increased approximately 17% for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to the expansion of the sales force[28] Cash and Financing - As of March 31, 2022, cash and cash equivalents were $30.6 million, down from $36.1 million at December 31, 2021[158] - Net cash used in operating activities for the three months ended March 31, 2022, was $(5,041,400), compared to $(4,965,928) for the same period in 2021[162] - Outstanding borrowings under all tranches as of March 31, 2022, were €22,482,127 ($24,957,409), including deferred interest payable at maturity of €4,482,127 ($4,975,609)[168] - The company expects to restructure the repayment of the first tranche of €10 million, with a proposed amortization plan starting in May 2022[168] - The company is considering multiple alternatives to meet capital needs, including additional equity financings and debt financings, with substantial doubt about its ability to continue as a going concern if additional capital is not raised[161] Product Development - The Acuitas AMR Gene Panel detects 28 genetic antimicrobial resistance markers from 26 different pathogens and received FDA clearance on September 30, 2021[149] - The Unyvero LRT test can detect over 90% of common causative agents of hospitalized pneumonia and provides results in less than five hours[141] - The Unyvero UTI test is currently available as a research use only kit in the U.S. and has initiated a multi-center clinical trial[141] - Ares Genetics' ARESdb database now covers more than 78,000 bacterial isolates sequenced using NGS technology[144] - The Unyvero A30 RQ device is designed for low-to-mid-plex testing and has completed final verification and validation testing[146]