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OpGen (OPGN) investor relations material
OpGen Q4 2023 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
OpGen underwent a major business transition in 2024, exiting its legacy molecular diagnostics operations after the insolvency and asset sales of its subsidiaries Curetis and Ares Genetics, and is repositioning into the financial technology sector under new ownership by AEI Capital Ltd.
The company completed a significant recapitalization, including a $3M Series E Preferred Stock sale, conversion to common stock, and a new $9M equity line with AEI Capital Ltd., providing liquidity for future operations.
A one-for-ten reverse stock split was effected in May 2024, and the company now operates virtually after assigning its headquarters lease.
Financial highlights
For the three months ended September 30, 2024, OpGen reported no revenue, compared to $699K in the same period in 2023, due to the deconsolidation of subsidiaries and business repositioning.
Net income for Q3 2024 was $8.9M, a turnaround from a net loss of $4.1M in Q3 2023, primarily due to a $9.7M gain on extinguishment of debt after settling the EIB loan guaranty.
For the nine months ended September 30, 2024, revenue fell 92% year-over-year to $196K, while net income was $7.6M versus a $15.6M loss in the prior year period.
Total operating expenses for Q3 2024 decreased 82% year-over-year to $784K, reflecting the wind-down of legacy operations.
Cash and cash equivalents were $1.6M as of September 30, 2024, up from $1.2M at year-end 2023.
Outlook and guidance
Management expects to fund operations for more than 12 months through its equity line with AEI Capital Ltd., with up to $7M in additional capital available as of September 30, 2024.
The company plans to exit the Unyvero business and launch a new fintech venture focused on digital investment banking and listing consultancy services.
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