Celera Genomics cut its losses by almost half but also saw its revenues fall by a third as the company issued its third quarter 2003 financial results today.
The Rockville, Md.-based firm reported a net loss of $26.7 million for the quarter, compared to a net loss of $49.5 million for the year ago quarter. The company had revenues of $20.3 million compared to $30.5 million for the year-ago period and cited its decision not to pursue additional sequencing service business as a primary reason for the drop.
The company took a $15.1 million non-cash charge for its investment in Discovery Partners International, based on the impairment of goodwill and long-term assets, a charge that amounted to $0.13 a share of Celera’s third-quarter net loss of $0.37 a share.
The company’s third-quarter research and development expenses were $27 million, compared to $37.6 million in the third quarter of 2002, based, the company said, on the wind down of the research phase of the Applera Genomics Initiative and programs eliminated in a restructuring in June.
The firsm reported cash and short-term investments of $824 million.