Marlborough medical diagnostics firm Oxford Immunotec is raising its 2019 expectations after reporting an 18% bump in its second quarter revenue.
The company said it took in $19.6 million compared to $16.7 million for last year’s second quarter. The company reported a profit of about $600,000 after losing almost $6.5 million for the quarter last year.
For the first half of the year, revenues are up more than 8% to $32.5 million while net loss has been reduced from $16.8 million to $906,000.
After the earnings release Monday morning, the company’s stock, traded on the Nasdaq, rose more than 8% to about $14.
The company’s improved financial condition is a product of a more focused business model and strategic growth initiatives, said CEO Dr. Peter Wrighton-Smith.
The company exited its blood donor screening business last year, resulting in just $900,000 of service revenue compared to $1.7 million last year.
However, product revenue increased 24% to $18.7 million while operating expenses were down by about $1 million for the quarter.
