On 19 Dec 2019, Oxford Immunotec Global PLC stock identified change of 42.59% away from 52-week low price and recently located move of -8.92% off 52-week high price. It has market worth of $453.82M. OXFD stock has been recorded 4.51% away from 50 day moving average and 11.09% away from 200 day moving average. Moving closer, we can see that shares have been trading 1.01% off 20-day moving average.
Oxford Immunotec Global PLC (OXFD) recently reported third quarter 2019 financial results.
“The third quarter represents another quarter of strong revenue growth, and improving profitability,” stated Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “The Company continues to see the global tuberculosis market expanding and we are investing in both commercial resources and research and development to capitalize on this prospect.
Third Quarter 2019 Financial Results
Revenue for the third quarter of 2019 was $21.2M, representing a 32% increase from third quarter 2018 revenue of $16.1M. On a constant currency basis, revenue increased 31% versus the previous year period.
2019 third quarter product revenue was $20.1M, representing a 33% increase from product revenue of $15.1M in the third quarter of 2018. The increase was primarily a result of growth in the Asia Pacific region, particularly a normalizing of ordering patterns in Japan after a slow start to 2019. Service revenue for the third quarter of 2019 was $1.1M, representing a 16% increase from third quarter 2018 service revenue of $1.0M. The increase in service revenue reflected growth in tuberculosis testing volumes in our U.K. service laboratory.
United States revenue was $5.7M in the third quarter of 2019, representing a 99% increase from revenue of $2.9M in the previous year period. The growth was Because of increased tuberculosis testing volumes and a higher selling price, contrast to 2018 sales to the U.S. laboratory services business at our inter company transfer price that were formerly eliminated in consolidation. On a pro forma basis, U.S. revenues were (1%) in the period, reflecting the changed seasonality of the U.S. business since the Quest transaction.
Europe & Rest of World, or ROW, revenue was $2.7M in the third quarter of 2019, up 19% when contrast to the third quarter of 2018. On a constant currency basis, Europe & ROW revenue increased 24% versus the third quarter 2018. The higher revenue in the third quarter of 2019 reflected continued strong growth in both Russia and our U.K. service laboratory.
Asia revenue was $12.8M in the third quarter of 2019, representing a raise of 17% contrast to third quarter 2018 revenue of $10.9M. On a constant currency basis, Asia revenue increased 15% versus the third quarter of 2018, primarily driven by growth in Japan.
Gross profit for the third quarter of 2019 was $15.5M, a raise of $4.0M from gross profit of $11.5M in the same period of 2018. Gross margin was 73.0%, a raise of 150 basis points from gross margin of 71.5% in the third quarter of 2018 and up sequentially 60 basis points versus the second quarter of 2019.
The Healthcare sector company, Oxford Immunotec Global PLC noticed change of 0.77% to $16.94 along volume of 96285 shares in recent session compared to an average volume of 170.16K. OXFD’s shares are at 16.43% for the quarter and driving a 29.51% return over the course of the past year and is now at 32.55% since this point in 2018.