NEW YORK, July 25 - Celera Genomics today said that its fiscal fourth-quarter loss narrowed as the severe staff cutsimplemented last month to help push the company downstream began to pay off.
Revenue in the period ended June 30 inched up to $28.1 million from $27.4 million one year ago. Receipts from Celera's online business, which the company has been gradually divesting, increased to $19.8 million from $14.2 million in the year-ago quarter.
However, Celera said the increase was offset by lower contract sequencing revenue resulting from the company's decision not to pursue additional "non-strategic service business."
As a result,net loss in the quarter decreased to $28.8 million, or $.42 per share, from $101.7 million, or $1.66 per share, one year ago.
Looking ahead, Celera said that fiscal 2003 revenue will likely fall to between $85 million and $95 million, down from $120.9 million in 2002.
Celera also said it expects R&D spending to range between $130 million and $140 million. The company said that roughly 65 percent of that spending will go to drug discovery and development.
Celera reported approximately $889 million in cash and short-term investments at the end of its fiscal year, which concluded June 30. The number represents $107 million less than the company's cash and short-term holdings at the same time last year. Celera spokesman Robert Bennett said that by end of fiscal 2003, that number will be cut by an additional $75 million to $85 million.
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