OpGen - A catalyst-rich Q222

OpGen provided a business update including preliminary top-line Q222 results. Quarterly revenues of $1.0m increased 23.2% y-o-y from $0.8m in Q121 and 113% from the previous quarter. Management highlighted several key developments, including the first commercial contract for the Acuitas AMR Gene Panel, extension of the existing distribution agreement with European distribution partner Menarini, a new distribution agreement with Leader Life Sciences for UAE and Qatar, and an at-the-market (ATM) sales facility to raise up to $10.7m in funds. We estimate the $16.6m gross cash at end Q222 to be sufficient to repay outstanding debt and fund operations into Q123. We also anticipate the full utilisation of the ATM facility to extend the runway into Q323. We maintain our estimates and valuation.

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