Centogene N.V. CNTG reported Q3 sales of €30.2 million, down 17% Y/Y, driven by decreasing revenues from COVID-19 testing.
- 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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