OpGen (NASDAQ: OPGN)

Currency in USD

Last close As at 26/01/2023

USD0.17

0.04 (30.77%)

Market capitalisation

USD7m

OpGen is focused on revolutionising the identification and treatment of bacterial infections. Following the merger with Curetis, it has technology to detect pathogens and predict resistance. Importantly, the AMR Gene Panel and Unyvero platforms have the ability to provide results in hours instead of days.

It currently takes days to test a patient sample to find out if they have an infection, what they are infected with and to which drugs that infection might be susceptible. This can lead to a delay in treatment or the wrong treatment being prescribed. According to the Centers for Disease Control and Prevention, there are over two million cases of drug-resistant bacterial infections every year.

Laboratory

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Albert Weber

    CFO

  • Oliver Schacht

    CEO

Balance Sheet

Forecast net debt (US$m)

2.8

Forecast gearing ratio (%)

22

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.5 (45.5) (84.4)
Relative 19.7 (47.6) (80.4)
52 week high/low US$1.1/US$0.1

Financials

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.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2020A 4.2 (19.6) (24.7) (3148.5) N/A N/A
2021A 4.3 (20.4) (35.7) (2342.4) N/A N/A
2022E 3.2 (19.9) (25.4) (1021.6) N/A N/A
2023E 5.3 (16.7) (21.8) (751.5) N/A N/A

Healthcare

OpGen — A catalyst-rich Q222

Healthcare

OpGen: Edison Open House Healthcare 2022

Healthcare

OpGen — FDA clearance a step forward

Healthcare

OpGen — Q121 results

Healthcare

OpGen — 2020 results

Healthcare

OpGen – Edison Open House interview

Healthcare

OpGen — An increased focus on Unyvero

Healthcare

OpGen — Q220 results

Healthcare

OpGen – executive interview

Healthcare

OpGen — Merger with Curetis closes

Healthcare

OpGen — First 510(k) filed with the FDA