On Friday, Oxford Immunotec Global PLC (NASDAQ: OXFD) shares price traded between $12.82 and $13.29 during the last trading session downbeat with -2.50% at $12.89. The shares recorded a trading volume 96,982 million shares as compared to its average volume of 148,065 shares. The company has 25.88M shares outstanding and market value of 333.609M. Over the one year trading period, the stock has a peak price of $19.51 and its down is recorded at $10.00.
Oxford Immunotec Global PLC (OXFD), a global, high-growth diagnostics company, recently reported first quarter 2018 financial results.
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 was $21.4M, representing a 1% decrease from first quarter 2017 revenue of $21.5M. On a constant currency basis, revenue declined 2% versus the previous year period. Tuberculosis revenue for the first quarter of $18.9M raised 2% over the previous year period.
2018 first quarter product revenue was $7.9M, representing a 5% decrease from product revenue of $8.4M in the first quarter of 2017. The decrease was primarily attributable to lower revenue in Asia Because of order timing. Service revenue for the first quarter of 2018 was $13.5M, up 2% from 2017 first quarter service revenue of $13.1M. The raise in service revenue was primarily driven by raised tuberculosis revenues in the United States and United Kingdom.
United States revenue was $13.4M in the first quarter of 2018, representing a 1% decrease from revenue of $13.5M in the previous year period. The decrease was primarily Because of the impact of severe weather and lower sales of blood donor screening kits.
Europe & ROW revenue was $2.3M in the first quarter of 2018, representing a 24% raise contrast to the first quarter of 2017. On a constant currency basis, Europe & ROW raised 9% versus the first quarter of 2017. The raise was driven by strong tuberculosis revenue growth in the U.K. and continental European markets.
Asia revenue was $5.7M in the first quarter of 2018, representing a decrease of 7% contrast to 2017 first quarter revenue of $6.2M. On a constant currency basis, Asia revenue declined 9% versus the first quarter of 2017. The decline was Because of the timing of orders.
Gross profit for the first quarter of 2018 was $10.8M, a decrease of about $0.2M from gross profit of $11.0M in the same period of 2017. Gross margin was 50.4%, a decrease of 80 basis points from gross margin of 51.2% in the first quarter of 2017. The first quarter 2018 gross margin performance was influenced by service mix, currency, and infrastructure investments necessary to meet future growth in our clinical tick-borne disease business.
Operating expenses were $20.3M in the first quarter of 2018, an raise of about $2.3M contrast to $18.0M in the first quarter of 2017. In the first quarter of 2017, we recorded a $2.4M credit related to the change in fair value of contingent consideration associated with the acquisition of Immunetics, Inc. Not Including this credit, operating expenses in the first quarter of 2018 were essentially flat versus the previous year period.
Net loss for the first quarter of 2018 was $10.3M, or $0.40 per share, contrast to $8.1M, or $0.36 per share, in the first quarter of 2017. Net loss per share was based on 25,718,910 and 22,533,531 weighted average ordinary shares outstanding for the first quarters of 2018 and 2017, respectively.