Skip to main content
Premium Trial:

Request an Annual Quote

Acquisitions Drive 37-Percent Q1 Revenue Increase for Nanogen

NEW YORK, May 12 (GenomeWeb News) - Nanogen yesterday reported a 37-percent increase in first-quarter revenues, but a boost in operating expenses led to a 46-percent increase in net loss.

 

Nanogen's revenues for the quarter ended March 31 rose to $4.4 million from $3.2 million in the same period in 2005. Product revenues nearly doubled to $2.1 million from $1.2 million in the prior-year period, while revenues from license fees rose slightly to $1.8 million from $1.7 million in the first quarter of 2005.

 

Nanogen attributed the increase in product revenues to its recent acquisitions. The company acquired Spectral Diagnostic's cardiac test business in February, and closed its acquisition of Amplimedical on May 1.

Nanogen's net loss widened to $12 million, or $.21 per share, compared to $8.3 million, or $.17 per share in the same period of 2005.

 

The company said that its operating expenses included $1.4 million of non-cash accounting expense for share-based compensation, compared to $300,000 in share-based compensation in the prior-year period. In addition, the company recorded expenses related to its investment in Jurilab, which were not included in last year's results.

 

"Excluding these two items, expenses rose modestly to include the costs associated with the acquired Spectral operations," said Robert Saltmarsh, Nanogen's CFO, in a statement.

 

R&D spending rose to $6.3 million in the first quarter of 2006 from $4.9 million in the prior-yar period.

 

As of March 31, the company held $12.3 million in cash and cash equivalents. The company's cash position including short-term investments was $32.4 million.

The Scan

Study Links Genetic Risk for ADHD With Alzheimer's Disease

A higher polygenic risk score for attention-deficit/hyperactivity disorder is also linked to cognitive decline and Alzheimer's disease, a new study in Molecular Psychiatry finds.

Study Offers Insights Into Role of Structural Variants in Cancer

A new study in Nature using cell lines shows that structural variants can enable oncogene activation.

Computer Model Uses Genetics, Health Data to Predict Mental Disorders

A new model in JAMA Psychiatry finds combining genetic and health record data can predict a mental disorder diagnosis before one is made clinically.

Study Tracks Off-Target Gene Edits Linked to Epigenetic Features

Using machine learning, researchers characterize in BMC Genomics the potential off-target effects of 19 computed or experimentally determined epigenetic features during CRISPR-Cas9 editing.