Headquartered in San Diego, CA, TrovaGene Inc (TROV - Free Report) , a developer of circulating tumor DNA (ctDNA) molecular diagnostics, reported loss of 34 cents per share in the third quarter of 2016, wider than the Zacks Consensus Estimate by 2 cents. However, the loss is narrower than the year-ago loss of 37 cents.
The wider loss was a result of increasing operating expenses of $10.0 million, compared with $6.5 million recorded in the year-ago quarter. The upside in operating costs was chiefly a result of an increase in research & development (R&D) as well as clinical & commercial activities.
R&D expenses were on the higher side in the quarter, thanks to increased spending on the second generation urine collection, DNA preservation and the development of multi-gene panels. In fact, for the coming quarters, management predicts global distribution and a broader adoption of these platforms.
Meanwhile, revenues totaled $89 thousand as compared with $57 thousand in the year-ago quarter, reflecting growing traction of Trovera and Precision Cancer Monitoring (PCM) technology.
Publications in the Quarter
TrovaGene continues to present and publish clinical data along with study results, which confirm the effectiveness of its flagship platform Trovera in detecting cancerous mutation.
In the ‘Journal of Thoracic Oncology’, a report definedthe TROVERA platform as highly sensitive for the detectionnon-small cell lung cancer (NSCLC) EGFR mutations in urine and plasma. Notably, Trovera is a highly exclusive non-invasive test in detecting EGFR T790M mutations in the urine and blood of patients with NSCLC.
The clinical utility of Trovera was also demonstrated in a presentation in the 3rd Precision Medicine Congress oral presentation and the IASLC 17th World Conference on Lung Cancer.
In the journal of ‘Experimental Hematology & Oncology’, a case report of ‘Non-invasive urine testing of EGFR activating mutation and T790M resistance mutation in NSCLC was published.
Apart from these noteworthy publications, the company got patented from the U.S. Patent and Trademark Office for detecting high-risk HPV infections by identifying mutations in the E1 gene of HPV in the urine. Notably, the patent has been entitled as "Method for Detection of High Risk Human Papillomavirus".
Pancreatic Cancer Action Network, the leading national organization providing support, resources and volunteer opportunities for people fighting cancer, has selected TrovaGene's Trovera test as a liquid biopsy provider for Precision Promise. In this regard, Precision Promise is the first ‘precision medicine trial’ on a large scale basis, which exclusively focuses on issues of patients with pancreatic cancer (read more: Trovagene's Liquid Biopsy to Participate in Precision Promise).
TrovaGene also collaborated with the University of Michigan Comprehensive Cancer Center to conduct a multi-phased research program using Trovera KRAS ctDNA liquid biopsy test. The research program also makes use of Trovera to monitor patient response to pancreatic cancer therapy.
A notable partnership was inked by TrovaGene with the University of Southern California Norris Comprehensive Cancer Center to demonstrate the use of ctDNA liquid biopsy testing and thus establish a standardized framework for liquid biopsy testing from urine.
Zacks Rank & Other Stocks to Consider
Currently, TrovaGene has a Zacks Rank #2 (Buy).
Better-ranked stocks in the broader medical space include Anika Therapeutics Inc. (ANIK - Free Report) , Cambrex Corporation (CBM - Free Report) and IDEXX Laboratories, Inc. (IDXX - Free Report) .
Notably, all the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Anika Therapeutics represents a strong long-term expected growth rate of 15.00%. Notably, the company has a positive one-year return of almost 3%.
Cambrex Corporation has a positive one-year return of 4.8%. The company also has a promising long-term expected growth rate of 15.00%.
IDEXX Laboratories represents a promising one-year return of 56.4%. The company has a long-term expected growth rate of almost 14.96%.
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