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BioTrove's First-Half '08 Revenues Rise 64 Percent in Advance of IPO

NEW YORK (GenomeWeb News) – BioTrove’s revenues for the first half of 2008 increased 64 percent over the first half of 2007 due in part to strong sales for its RapidFire sample prep system for mass spectrometry applications, according to an amended IPO registration statement filed with the US Securities and Exchange Commission last week.
The Woburn, Mass.-based firm filed a preliminary prospectus for its initial public offering on April 1. Since then, it has filed amended registration statements, the most recent of which was last week.
The most recent filing reveals that BioTrove’s revenues for the first half of 2008 increased to $4.6 million from $2.8 million year over year. Its product revenues jumped 63 percent to $3.5 million from $2.1 million, and its service revenue rose 69 percent to $1.2 million from $685,000.
Sales for BioTrove’s OpenArray system increased 14 percent for the first half of 2008 to $1.2 million from $1.1 million, while sales for its RapidFire system doubled to $3.4 million from $1.7 million.
BioTrove’s net loss for the first half of 2008 was $9.1 million, or $4.62 per share, up 69 percent from a net loss of $5.4 million, or $3.14 per share, for the first half of 2007.
The company’s R&D spending increased 16 percent to $2.2 million from $1.9 million, while its SG&A costs soared more than 200 percent to $6.9 million from $3 million, according to the SEC filing. Overall, its total costs and expenses grew to $12.6 million, up from $7.3 million for the first half of 2007.
BioTrove’s costs are likely to increase, as the firm recently opened offices on the West Coast of the US and in London to provide sales and support in Europe.
As of June 30, BioTrove held $11.2 million in cash and cash equivalents.

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