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Biotage Reports 37-Percent Revenue Growth in Q2

NEW YORK (GenomeWeb News) - Biotage today reported a 37-percent increase in net sales for the second quarter.
Net sales for the three months ended June 30 increased to SEK 128.3 million ($17.96 million) from SEK 93.5 million year over year. The growth is the result of acquisitions made in 2005, Biotage said.
In segment results, revenues for discovery chemistry increased 41 percent to SEK 107.4 million from SEK 76.2 million the prior year. Revenues for biosystems increased 21 percent to SEK 20.9 million, from SEK 17.3 million year over year.
By geographic region, sales in the US market accounted for 47 percent of total receipts compared to 53 percent last year. The European market accounted for 41 percent compared to 34 percent last year.
R&D spending for the quarter slid 19 percent to SEK 12.8 million from SEK 15.8 million in the year-ago period.
The company had about SEK 27.7 million in cash and securities as of June 30.

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