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2020-08-04

Oxford Immunotec Reports Second Quarter 2020 Financial Results

  • Second quarter revenue of $5.8 million, a decrease of 70% compared to prior year period, due to the impact of COVID-19
  • Ended the quarter with approximately $165 million of cash and cash equivalents
  • Third quarter revenue estimated to be between $18 - $19 million

OXFORD, United Kingdom and MARLBOROUGH, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq: OXFD) (the “Company”), a global diagnostics company, today announced second quarter 2020 financial results.

“We knew revenue would be significantly impacted in the quarter, however, we were able to keep advancing our strategic priorities and ensuring the business is set to return to growth mode coming out of the pandemic,” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “Testing volumes are recovering in all regions and, absent a significant global re-emergence of COVID-19, we are confident in a strong recovery in the business.”

Revenues, broken out by geographic location, were as follows, in millions:

  Three Months Ended June 30, 
      Percent Change 
  2020 2019 As Reported Constant Currency (1) 
          
United States$1.2$7.8 (85)% (85)% 
Europe & ROW 1.0 2.2 (54)% (53)% 
Asia 3.6 9.6 (62)% (63)% 
Total Revenue$5.8$19.6 (70)% (70)% 
          

(1) Constant currency basis is a non-GAAP financial measure. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "constant currency basis" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. We consider the use of a period over period revenue comparison on a constant currency basis to be helpful to investors, as it provides a revenue growth measure free of positive or negative volatility due to currency fluctuations. This non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Moreover, presentation of revenue on a constant currency basis is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of changing foreign currency exchange rates has an actual effect on our operating results.

Second Quarter 2020 Financial Results

Revenue for the second quarter of 2020 was $5.8 million, representing a 70% decrease from second quarter 2019 revenue of $19.6 million. On a constant currency basis, revenue decreased 70% versus the prior year period.

United States revenue was $1.2 million in the second quarter of 2020, representing an 85% decrease from revenue of $7.8 million in the prior year period. The decrease was driven by the impact of COVID-19 on testing volumes and the impact of planned inventory destocking by Quest.

Europe & rest of world, or Europe & ROW, revenue was $1.0 million in the second quarter of 2020, representing a 54% decrease compared to the second quarter of 2019. On a constant currency basis, Europe & ROW decreased 53% versus the second quarter of 2019. The decrease was driven by the impact of COVID-19 on testing volumes.

Asia revenue was $3.6 million in the second quarter of 2020, representing a decrease of 62% compared to 2019 second quarter revenue of $9.6 million. On a constant currency basis, Asia revenue decreased 63% versus the second quarter of 2019. The decrease was due primarily to a slowdown in testing as a result of the COVID-19 pandemic.

Gross profit for the second quarter of 2020 was $3.7 million, a decrease of approximately $10.5 million from gross profit of $14.2 million in the same period of 2019. Gross margin was 62.8%, a decrease of 960 basis points from gross margin of 72.4% in the second quarter of 2019. The second quarter 2020 gross margin decrease was a result of the significant global volume reduction as a result of the COVID-19 pandemic and a provision for slow moving inventory.

Operating expenses were $13.5 million in the second quarter of 2020, a decrease of approximately $1.7 million compared to $15.2 million in the second quarter of 2019.

Net loss for the second quarter of 2020 was $9.7 million, or $0.37 per share on a basic and diluted basis, compared to net income of $0.6 million, or $...

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