Skip to main content
Premium Trial:

Request an Annual Quote

Accelrys Attributes Drop in Revenues, Widening Loss to Change in Revenue Recognition

NEW YORK, Oct. 28 (GenomeWeb News) - Accelrys today reported a drop in revenues for the second quarter of its 2005 fiscal year, accompanied by widening losses.

 

The company's revenues for the quarter ended Sept. 2004 were $14.3 million, down 19 percent from $17.7 million in the comparable quarter in 2003. Accelrys said that this drop was due to a change in revenue recognition for software licenses to a "subscription accounting" model that was initiated in January 2004.

 

Orders remained flat year over year, at $13.3 million booked during the quarter ended Sept. 2004, compared to $13.7 million booked in the year-ago quarter. Deferred revenue, meanwhile, was $29.5 million, up 55 percent from $19.0 million in the prior-year period.

 

R&D spending remained flat, at $4.4 million for the second quarter of 2004 compared to $4.2 million in the same period of 2003.

 

The company wrote off $700,000 related to its acquisition of SciTegic, which closed on Sept. 27.

 

Accelrys posted a net loss of $5.1 million, or $.21 per share, for the quarter, meeting analyst estimates. The company reported a net loss of $2.1 million, or $.09 per share, for the comparable quarter in 2003.

 

Cash, cash equivalents, and marketable securities was about $66.7 million at Sept. 30.

 

The company said that change in its revenue recognition model "will continue to dramatically affect reported revenue through the next couple of quarters when compared to the equivalent periods in the prior year."

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more