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Celera Q4 and Yearly Revenues Surge on New Subscriptions, Collaborations

NEW YORK, July 26 – Celera Genomics on Thursday posted fiscal fourth-quarter revenues of $27.4 million, compared with $15 million in the year ago period.

For the year, the company’s revenues more than doubled, reaching $89.4 million, compared with $42.7 million in fiscal year 2000. Celera attributed the increase to a host of new subscriptions to its Celera Discovery Systems as well as to a number of collaborations and service agreements.

"This year, Celera surpassed its goal of doubling revenue. Just as importantly, the group aggressively embarked on its next phase by implementing new technology platforms which are critical to its internal discovery efforts," Tony White, CEO of Celera’s parent company, Applera, said in a statement.

"Celera's goals include the discovery and development of new therapeutics, and contribution to the development of revolutionary life science products by its collaborators, on-line subscribers, and Celera Diagnostics,” he said.

Celera is currently in the process of laying the foundation to begin developing therapeutics and diagnostics through its Celera Diagnostics business unit.

"Our efforts were enhanced by the progress our research group made in sourcing biological samples and the development of proprietary protein separation and fractionation technologies," said Craig Venter, Celera's president and chief scientific officer, noting that over the last quarter the company began focusing on pancreatic and lung cancer. 

Venter also said that he expected the Celera Discovery System business to become profitable during the upcoming year. Celera now has over 50 subscription and service agreements for CDS, compared with 12 at the end of the last fiscal year.

Celera, however, noted that Paracel, a provider of high-performance analysis systems it acquired in 2000, had “substantially lower than originally anticipated performance,” resulting in a $69.1 million charge in the quarter.

Research and development expenses rose to $56 million in the quarter, compared with $50.3 million a year ago.

For the quarter, Celera posted a net loss of $101.7 million, or $1.66 a share, compared with a net loss of $24.9 million, or 43 cents a share, in the year ago period.

For fiscal year 2001 Celera reported a net loss of $186.2 million, or $3.07 per share, including the first expenses from Celera's equity interest in Celera Diagnostics, compared with $92.7 million, or $1.73 per share for the previous fiscal year. The quarterly results include a non-cash charge for the impairment of goodwill and other intangible assets related to Paracel. 

Not including the charge, Celera would have posted a net loss of $119.0 million, or $1.96 per share. 

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