After we looked through our database of IPO data, it turns out that AutoGenomics tried to come public once before. It originally filed to sell up to $86 million for an IPO back in 2008. Apparently, the Great Recession got in the way of IPO ambitions for this company — and many others.
AutoGenomics is a commercial stage molecular diagnostics company offering a technology platform to clinical reference laboratories, specialty clinics and hospital laboratories. The platform consists of a family of multiplexing INFINITI analyzers, an extensive and expanding menu of genetic test panels, and proprietary microarrays, reagent modules and other related consumables. INFINITI analyzers automate a number of the discrete processes of genetic analysis with minimal manual intervention. The genetic test panels are focused on large and growing markets primarily in the areas of personalized medicine, women’s health, infectious diseases and genetic disorders.
The company offers 62 test panels for use on the analyzers and has 16 additional test panels in development. In the area of personalized medicine, it offers test panels in pain management, cardiovascular health assessment, oncology and mental health. In the area of women’s health, it offers test panels in cervical cancer, sexually transmitted diseases and vaginal infections.
AutoGenomics plans to use the proceeds from this offering to fund capital expenditures for expanding its manufacturing capabilities as well as for general corporate purposes.
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The INFINITI HTS is called a scalable, automated system, comprised of three separate operating modules that provide flexible configuration to maximize workflow efficiency. It has the capacity to process up to 6,912 patient results per day with a single laboratory technician.
Net revenue was $11.2 million for the six months ending in June 2014, compared to $10.5 million for the same period in the previous year. Excluding net revenue from one historically large customer, Natural Molecular Testing Corporation (NMTC), the net revenue for the six months ending in June 2013, was $5.4 million and there has been no revenue from NMTC for the same period ending in June 2014, but net revenue grew 108% in this time.
The net loss was $2.0 million for the six months ending in June 2014, as compared to $5.6 million for the same period in 2013. The accumulated deficit at the end of June 2014 was $105.2 million.
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