OpGen has announced preliminary FY22 results and provided a business update ahead of the detailed FY22 report expected in March 2023. Group revenue came in at $2.7m, slightly below the mid-point of the guidance range of $2.5–3.0m and 15% below our estimate. While the year was marked by several business advancements (including two Acuitas AMR Gene Panel commercial contracts, successful completion of the urinary tract infection (UTI) test panel trial, launch of ARES sequencing services in the US, and collaborations with FIND and BioVersys), top-line growth was undermined by a tough macroeconomic environment and longer sales cycles for ARES. The year-end gross cash balance stood at $7.4m and has been bolstered by the $6.8m in net proceeds raised in the January 2023 equity issue. Management estimates the combined balance will fund operations to June 2023. Our estimates and valuation are under review.