Oxford Immunotec Q3 revenue up 32%
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Oxford Immunotec's Marlborough offices
Marlborough medical diagnostics firm Oxford Immunotec reported $21.2 million in revenue for the third quarter, up 32% from the same quarter in 2018 and beating its own projections.
The company attributed the revenue increase to a growth in tuberculosis testing as well as more product revenue in the Asia Pacific region. Gross profit for the third quarter of 2019 was $15.5 million, an increase of $4.0 million from gross profit of $11.5 million in the same period of 2018. The company was also able to keep operating expenses down at $15.4 million in the third quarter of 2019, a decrease of $1.1 million compared to $16.5 million in the third quarter of 2018.
Net income for the third quarter of 2019 was $700,000, or $0.03 per share on both a basic and diluted basis, compared to a net loss of $(3.5) million, or $(0.13) per share on both a basic and diluted basis, in the third quarter of 2018.
After an initial spike in stock market activity drove prices of the stock up by 5.39%, the price settled down 1.12% to $15.95 a share at 11 a.m.
Oxford Immunotec raised its overall 2019 expectations slightly to between $72 and $73 million.
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