On Tuesday, Quotient Limited (NASDAQ: QTNT) announced its financial results for the fourth quarter of fiscal 2018.

According to the commercial-stage diagnostics company, revenue for the fourth quarter increased 10.9% to $6.1 million. Operating loss for the quarter was $17.9 million, while net loss was reported to be $20.1 billion. In addition, loss per share for the quarter was $0.44 per share.

In the statement, the company announced the appointment of its new CEO, Franz Walt.

“In my capacity as full time CEO I am very pleased to report our progress with respect to European field trials for the initial blood grouping (IH) microarray which began earlier this month. The concordance phase of the field trial is ongoing. Based on our daily discordance analysis thus far we remain confident in the likely outcome of this phase of the trial and reaffirm our plan to report final concordance data in June,” Franz Walt, the Chief Executive Officer of the company, said in the statement on Tuesday.

“The MosaiQ platform has the potential to deliver substantial savings to our customers by providing ‘walk away’ automation and standardized testing workflows while affordably permitting the comprehensive characterization of all units of donated blood,” Mr. Walt continued.

For the full year 2019, the company expected its total product sales to be in the range of $25 to $26 million. Other revenue was expected to be $1.5 million for fiscal 2019. In addition, operating loss was expected to be in the range of $50 to $60 million, and capital expenditures was expected to be in the range of $5 to $10 million, according to the company.