PolarityTE Inc (Nasdaq:PTE) said on Monday that it expects its third quarter 2020 revenues to meet or exceed the top end of the prior USD2.7m to USD3.2m guidance range.

The company continues to see strong execution and momentum in SkinTE sales, expects the expansion of the COVID-19 testing capabilities to help drive continued revenue growth in its services business and the revenue momentum in both SkinTE sales and COVID-19 testing should significantly help mitigate its cash burn, added CEO David Seaburg.

According to the company, it is focused on transforming the lives of patients by discovering, designing and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences.

Additionally, the company manufactures products from patient's own tissue and uses the patient's own body to support the regenerative process.