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Biotage Reports Lackluster Sales for a Disappointing Third Quarter

NEW YORK, Oct. 21 (GenomeWeb News) - Biotage today reported sales of 84.5 million Swedish krona ($11.7 million) for the third-quarter, the company said today in a statement.

 

Sales fell below company expectations because software for its upcoming purification instrument took longer to complete than planned, and deliveries were delayed, said the company. Sales were slow in the third quarter as well, but are expected to pick up in both of the company's business areas during the fourth quarter, the company added.

 

Restructurings accounted for 5 million krona of total operating costs of 73.3 million krona, but the restructurings, which reduced the number of employees by 14, will save the company 15 million krona annually, Biotage said.

 

Biotage, which  changed its name from Pyrosequencing one year ago, did not report expenses, earnings, or assets.

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