March 1, 2018

Oxford Immunotec marks 20% growth for 13th straight year

The headquarters of Oxford Immunotec, which keeps growing quickly but remains unprofitable.

New year, same story for Oxford Immunotec.

The Marlborough medical diagnostics company hit 20-percent year-to-year revenue growth for the 13th consecutive year in 2017, it announced Thursday.

Revenue for the year grew by exactly 20 percent to $103 million. For the fourth quarter, revenue grew slower, by just 6 percent, hitting $25 million.

Bottom-line losses continue for Oxford Immunotec, however.

The company, which has headquarters in Oxford, England, lost nearly $33 million in 2017, an even greater mark than the $22-million loss the previous year. It did make a profit in the fourth quarter, of about $8.8 million.

The 2017 losses were attributed by the company to costs related to the acquisition of the company Immunetics, and to a $27.5-million settlement of a patent infringement suit with a German company first announced in December.

The 13-year streak may also be in jeopardy. Oxford Immunotec said it is forecasting 2018 growth of 9 percent to 15 percent.

Most of the company's revenue comes from tuberculosis testing kits, and the company also makes tests for Lyme disease and Cytomegalovirus, known as CMV.

Oxford Immunotec separately announced on Thursday a new board member, Mark Klausner. He is the co-founder and managing partner of Westwicke Partners, a Baltimore capital markets advisory and investor relations firm focused on the healthcare industry.


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