On January 6, 2022 (Globe Newswire) HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, reported certain preliminary, reported that financial results for the year ended December 31, 2021 (Press release, HTG Molecular Diagnostics, JAN 6, 2022, View Source [SID1234598324]).

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Total revenue for the full year 2021 is expected to be approximately $8.9 million, including approximately $1.4 million of HTG Transcriptome Panel (HTP) revenue. Cash, cash equivalents and short-term marketable securities are approximately $21.9 million as of December 31, 2021.

"Revenue growth in the second through fourth quarter of 2021 provided favorable indications of a slow, but anticipated recovery from 2020," said John Lubniewski, CEO of HTG. "Our completion of all development milestones for HTP since its commercial launch in August resulted in a positive response from new and existing customers. In addition, we successfully advanced our strategic efforts to increase customer diversification and expand the reach of our proprietary HTG EdgeSeqTM technology, further powering our profiling business."

Mr. Lubniewski continued, "As we turn the page to 2022, we look forward to continuing our efforts to generate our first data set for our newly formed HTG Therapeutics business unit, while expecting continued growth in profiling revenue as customers and collaborators complete their initial validation of HTP, evidenced through publications and continued investment in our technology."

The preliminary results set forth above are unaudited, are based on management’s initial review of the company’s results as of and for the year ended December 31, 2021 and are subject to revision based upon the company’s year-end closing procedures and the completion and external audit of the company’s year-end financial statements. Actual results may differ materially from these preliminary unaudited results as a result of the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that company’s financial results are finalized, and such changes could be material. In addition, these preliminary unaudited results are not a comprehensive statement of the company’s financial results for the year ended December 31, 2021, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the company’s results for any future period.

The company expects to announce full 2021 financial results in advance of its quarterly conference call in March 2022.