Curetis finds a salve for its losses as revenues hike 35%

Curetis finds a salve for its losses as revenues hike 35%

Developer of molecular diagnostic solutions, Curetis NC (AMS: CURE) has seen its losses narrow year-on-year for the first half, as the Company makes good progress in revenue growth.

The Group’s revenues grew by 35% during the first half of the financial year, up from EUR 0.8 million to EUR 1.09 million. Alongside this, the Group’s expenses narrowed from EUR 12.44 million to EUR 11.49 million.

This led a narrowing in net losses, contracting from EUR -11.56 million to EUR -11.08 million, and a sharp drop in net cash burn, down 47.5% on-year.

The situation for Curetis shareholders also improved, with losses per share decreasing from -0.73c to -0.51c.

The Company added that it expected to continue business as usual until it ‘combines’ itself with OpGen in 2020.

Curetis comments

“In 2019, we have advanced our commercial roll-out in the U.S. and progressed the anticipated regulatory approvals in the U.S. and in China. We have also made tremendous progress in advancing Ares Genetics from a bioinformatics start-up to an increasingly self-sustained NGS and AMR data intelligence operation with very significant partnerships both in the IVD and pharma space,” said Oliver Schacht, Chief Executive Officer.

“The strategic transaction and business combination with OpGen will allow Curetis to access U.S. capital markets, which we believe is essential to accelerate the development of our proprietary molecular diagnostic platforms and solutions for microbiology.”

Investor notes

Despite rallying over 2%, the Company’s shares are now down 0.33% or EUR 0.002 to EUR 0.61 per share 18/09/19 15:01 CST. The Group has a market cap of £15.33 million, their dividend yield is unavailable.

Elsewhere in health and medical news, there have been updates from; Integumen PLC (LON: SKIN), Medica Group PLC (LON: MGP), EMIS Group (LON: EMIS), OptiBiotix Health PLC (LON: OPTI)  NMC Health (LON: NMC), Astrazeneca plc (LON: AZN) and ValiRx Plc (LON:VAL).