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Centogene N.V. (NASDAQ:CNTG) reported Q3 sales of €30.2 million, down 17% Y/Y, driven by decreasing revenues from COVID-19 testing.
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- The company has decided to phase out its COVID-19 testing business and streamline its organizational footprint, resulting in up to €15 million in cost savings per year, excluding restructuring costs.
- The restructuring will include the ramping down of about 230 staff positions.
- Commercial COVID-19 testing revenues decreased 26% to €20.2 million. "This reflects the decreasing importance of the non-core COVID-19 business," Centogene CFO René Just said on a conference call.
- The company received 14,770 diagnostic test orders in Q3, a year-over-year increase of 46%.
- During Q3, Centogene added approximately 22,000 individuals to its bio/databank.
- Centogene reported a Q3 EPS loss of €(0.96), compared to a net loss of €(0.27) posted a year ago.
- Centogene ended Q3 with €25.7 million in cash and cash equivalents. CFO Just said the company is looking for new funding opportunities.
- It is also exploring options for raising additional cash. In a filing with the SEC, Centogene warned that "absent additional or debt financing, we may be unable to continue as a going concern."
- Guidance: For FY21, Centogene expects revenue growth of 30% - 40%, mainly driven by COVID-19 testing revenues. The company expects its core business to grow in the mid-to high-single-digit percentage points in 2021.
- Price Action: CNTG shares are down 23% at $7.06 during the market session on the last check Wednesday.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.