Key unaudited consolidated figures for the six months ended June 30, 2019 (thousands of US dollars, except per share data):
2019 2018 Change % Change
Product revenue 10,571 16,638 (6,067) (36)%
Royalties and patent income 302 562 (260) (46)%
Total Revenue 10,873 17,200 (6,327) (37)%
Gross Profit 4,964 10,526 (5,562) (53)%
Operating expenses (18,827) (25,478) 6,651 26%
Operating loss (13,863) (14,952) 1,089 7%
Net loss (14,138) (15,113) 975 6%
Basic and diluted loss per share (0.24) (0.27) 0.03 11%
Total revenuefor the first half was $10.9 million compared to total revenue of $17.2 million during the same period in 2018. Revenue from ConfirmMDx and SelectMDx amounted to $10.6 million and decreased 31% from $15.3 million a year earlier. Revenue from ConfirmMDx represented 90% of product revenue.
Operating expenses in the first half of 2019 were $18.8 million, an improvement of $6.7 million over the same period last year.
Operating loss and net loss for the first half of 2019 were $13.9 million and $14.1 million, respectively, with losses narrowing compared to $15.0 million and $15.1 million, respectively, over the same period in 2018 thanks to cost reduction initiatives implemented in late 2018. Excluding royalties, the gross profit on products and services decreased by $5.3 million to $4.7 million, primarily due to the decline in revenues.
Cash and cash equivalents as of June 30, 2019 were $12.2 million. Cash collections from ConfirmMDx and SelectMDx amounted to $11.6 million, a decrease of 21% compared to last year. The cash burn for the period was $14.0 million, of which $1.3 million was H1 2019 non-recurring restructuring charges, and actual operating cash burn was $12.7 million compared to $15.0 million in the previous year. Based on the Company’s current cash position and its projected revenues and collections, management believes that it has sufficient cash into the first quarter of 2020. Furthermore, the Company is evaluating all financing options, including non-dilutive funding, to extend its cash runway.