NEW YORK (GenomeWeb News) - Swedish life sciences technology firm Biotage posted a 6 percent increase in third-quarter revenues yesterday, as a loss in the prior-year quarter swung into a profit.
Sales for the quarter ended Sept. 30 rose to SEK 133.9 million ($18 million) from SEK 126.6 million ($17.3 million) in the third quarter of 2005.
Revenues for the firm’s discovery chemistry business increased 7 percent, to SEK 111.5 million, while biosystems revenues were relatively flat at SEK 22.4 million.
Biotage posted a net profit of SEK 8.6 million, compared to a loss of SEK 27.6 million in the year-ago quarter.
R&D spending dipped to SEK 13.8 million from SEK 17.8 million in the third quarter of 2005.
As of Sept. 30, Biotage had SEK 32.3 million in cash and liquid assets.
Pointing to steady increases in cash flow and sales, the company said it has finally integrated acquisitions it made last year, has seen steady improvement in its US market and recently has been re-investing in patents, rights and hard capital.