Progenity Inc. (PROG) is a molecular and specialized diagnostic tests provider, based in San Diego, CA. On January 25, the company announced the addition of another patent to its Single-Molecule Detection technology intellectual property. Following the announcement, the stock has been adding good value to its share price.
In the previous trading session, PROG stock added a good 20.31% at its closing price of $1.54. At the last check, in the premarket on Wednesday, the stock had further increased by 9.74% at $1.69.
Currently, the company has a market capitalization of $209.6 million with its 163.75 million shares outstanding. Furthermore, PROG stock stands at a year-to-date loss of 26.82%, while it lost 78.82% last year.
PROG’s New Patent
Progenity has further reinforced its patent portfolio with the addition of U.S. Patent No. 11,230,731 issued by USPTO. The patent titled, “Methods, Systems, and Compositions for Counting Nucleic Acid Molecules” has been added to PROG’s single-molecule detection technology IP.
The single-molecule detection platform warrants target analytes’ sequence-free counting. Therefore, the company believes it to have a potential impact on noninvasive prenatal testing and liquid biopsy. Additionally, this platform also warrants potentially cost-effective genomic tests with fewer turnaround times.
According to the company’s General Manager of Diagnostics, Matthew Cooper, the company is evaluating its alternatives for accelerating its path to market.
Upcoming Presentation
On January 11, the company reported the acceptance of its oral presentation for the upcoming Belgian Week of Gastroenterology. The company will be presenting patient data on indicators of efficacy in gastrointestinal disorders treatment. Moreover, the 34th edition of the Belgian Week of Gastroenterology will take place from February 9 to 11, 2022.
PROG’s Financial Analysis
On November 10, the company declared its third-quarter financial results for 2021, which ended on September 30.
In the third quarter of 2021, the company had revenues of $9.6 million, with $9.4 million resulting from discontinued operations.
Further, PROG incurred a net loss of $43.7 million in Q3 of 2020, against $78.5 million in the previous quarter. Resultantly, the net loss per basic and diluted share was $0.46 and $1.23 in Q3 and Q2 of 2021, respectively.
In addition, the company had a net loss of $6.9 from discontinued operations in Q3 of 2021, against $37.1 million in Q2 of 2021. Therefore, in 2021 the net loss from discontinued operations was $0.07/share and $0.58/share in Q3 and Q2, respectively.
