Quotient (QTNT) Tops Q4 EPS by 4c, Beats on Revenues

Quotient (NASDAQ: QTNT) reported Q4 EPS of ($0.44), $0.04 better than the analyst estimate of ($0.48). Revenue for the quarter came in at $6.14 million versus the consensus estimate of $5.73 million.

Franz Walt, Chief Executive Officer of Quotient said “In my capacity as full time CEO I am very pleased to report our progress with respect to European field trials for the initial blood grouping (IH) microarray which began earlier this month. The concordance phase of the field trial is ongoing. Based on our daily discordance analysis thus far we remain confident in the likely outcome of this phase of the trial and reaffirm our plan to report final concordance data in June. Mr. Walt added, “The MosaiQ platform has the potential to deliver substantial savings to our customers by providing ‘walk away’ automation and standardized testing workflows while affordably permitting the comprehensive characterization of all units of donated blood.”

Fiscal Fourth Quarter and Full Year Financial Results

“The conventional reagent business generated record results in terms of revenue and profitability during fiscal 2018, with product revenues growing 18.8% year-over-year,” said Franz Walt. “Quotient generated gross profit of 58.7% and 930 basis points of gross margin improvement on product sales during the fourth quarter of fiscal 2018. We are targeting a continuation of solid growth and profitability for this business in the coming fiscal year.”

Outlook for the Fiscal Year Ending March 31, 2019

• Total product sales in the range of $25 to $26 million compared to product sales in FY18 of $23.9 million. Other revenue (product development fees) of approximately $1.5 million are also expected to be earned during the year. Forecast other revenue assumes the receipt of milestone payments contingent upon achievement of regulatory approval for certain products under development. The receipt of these milestone payments involves risks and uncertainties
• Operating loss in the range of $50 to $60 million including non-cash charges for depreciation, amortization and stock compensation totaling approximately $15 million.
• Capital expenditures in the range of $5 to $10 million.

For earnings history and earnings-related data on Quotient (QTNT) click here.

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