CAMBRIDGE, Mass. – Centogene N.V. (NASDAQ:CNTG), a life sciences company specializing in rare and neurodegenerative diseases, disclosed today that it has received a notice from the Nasdaq Stock Market regarding non-compliance with the exchange's minimum bid price requirement. The Nasdaq Listing Qualifications Department informed Centogene that its common shares had closed below the required minimum bid price of US$1.00 for 30 consecutive business days, from February 12 to March 26, 2024.
Under Nasdaq Listing Rule 5450(a)(1), companies are required to maintain a minimum bid price of US$1.00 per share. Centogene has been granted a 180-day period, until September 23, 2024, to regain compliance. The company can achieve this if its shares close at or above US$1.00 per share for at least 10 consecutive business days within this timeframe.
Centogene has indicated its intention to actively monitor its share bid price and consider all available options to address the deficiency and regain compliance with the Nasdaq's requirements. The company's focus remains on providing data-driven answers for rare and neurodegenerative diseases through the integration of multiomic technologies with its biodatabank. This approach has facilitated rapid and reliable diagnosis, enhanced physician understanding of disease states, and supported drug discovery and development.
Since its establishment in 2006, Centogene has built a network of approximately 30,000 active physicians and its multiomic reference laboratories in Germany are certified by ISO, CAP, and CLIA. The company's biodatabank includes data from over 800,000 patients across more than 120 countries, with a significant representation of non-European descent. Centogene's contributions to over 285 peer-reviewed publications and more than 50 collaborations with pharma partners underscore its role in advancing precision medicine.
InvestingPro Insights
As Centogene N.V. (NASDAQ:CNTG) grapples with Nasdaq non-compliance due to its share price, it's crucial for investors to understand the financial health and market trends related to the company. With a market capitalization standing at 19.51 million USD, Centogene appears to be a small-cap player in the life sciences industry. The company's revenue growth has been impressive over the last twelve months as of Q2 2023, skyrocketing by 2763.24%, a figure that could be indicative of significant developments or breakthroughs in its operations.
An InvestingPro Tip highlights that Centogene is currently operating with a significant debt burden, which is a critical factor for investors to consider, especially when the company is also quickly burning through cash. Additionally, analysts do not anticipate the company will be profitable this year, which aligns with the company's negative earnings per share (EPS) of -1.59 USD, as reported for the last twelve months as of Q2 2023.
Another key InvestingPro Data metric to note is the company's Price/Book ratio of -1.12. This valuation metric, particularly when negative, may suggest that the market is not confident about the company's future growth or asset valuation. Furthermore, the recent performance of Centogene's stock price has seen a significant downturn, with a three-month total return of -39.32%. This trend could be a reflection of the market's reaction to the company's financial position and outlook.
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