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Celera Revenues Up as Loss Declines in Q1

NEW YORK (GenomeWeb News) – Celera reported after the close of the market on Wednesday that its first-quarter revenues increased 16 percent, while the firm cut its net loss significantly on lower charges year over year.

The Alameda, Calif.-based molecular diagnostics firm generated revenues of $45.7 million for the three-month period ended March 28, compared to revenues of $39.5 million for the first quarter of 2008.

Its Lab Services segment, which is conducted through its Berkeley HeartLab unit, had revenues of $28.5 million, up from $22.3 million the year before. The firm credit the sales boost to increased test volumes and the launch of its KIF6 test in July 2008.

Its molecular diagnostics products business had revenues of $10.4 million compared to $9.3 million in the first quarter of 2008, and its corporate revenue, which includes license and royalty payments was $6.8 million, down from $7.9 million in Q1 2008.

Celera's net loss fell to $1.4 million, or $.02 per share, from $7.4 million, or $.09 per share, on lower charges compared to the first quarter of 2008. Its employee-related charges and asset impairment charges declined to $700,000 from $3.9 million year over year.

Celera reported R&D expenditures of $7.7 million, down 25 percent from $10.2 million. Its SG&A spending increased 19 percent to $25.3 million from $21.3 million.

The finished the quarter with $321 million in cash and short-term investments.

It anticipates reporting 2009 revenues of between $192 million and $202 million, with EPS in the mid-single digits on a non-GAAP basis.

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