Oxford Immunotec revenue jumps 24%
Medical diagnostics firm Oxford Immunotec of Marlborough saw a 24-percent year-over-year increase in revenue as third-quarter sales skyrocketed in the United States and Asia, the company reported Tuesday.
Oxford, which has dual headquarters in Marlborough and in the United Kingdom, said it took in $13.3 million during the quarter that ended Sept. 30. In the same quarter last year, its revenue totaled $10.7 million.
Despite the revenue jump, the company reported a net loss of $6.1 million, or 35 cents per share. That’s up nearly double from $3.2 million last year ($1.36 per share). The company said it expects its gross margin to improve moderately in the upcoming quarters. But it also expects operating expenses to increase as Oxford continues to invest in its business. In November 2013, the company raised $63 million in an initial public offering of stock.
For the first nine months of 2014, revenue is up 31 percent to $37.4 million, but its net loss, $15.5 million, is deeper than its $5.3 million loss through the same span last year.
Nonetheless, CEO Peter Wrighton-Smith was pleased with the quarterly numbers. “We were encouraged by our performance in the United States and Asia and are excited about the product pipeline we are building,” he said in a statement.
U.S. revenue rose 21 percent while sales in Asia grew 41 percent. Revenue in Europe and other parts of the world was flat compared with the third quarter of 2013.
WBJ Web Partners
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