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Celera's Q4 Revenues Rise Four-fold on Contribution from Acquisitions

This article has been updated from a previous version to correct Celera's full-year non-GAAP earnings per share.
 
NEW YORK (GenomeWeb News) – Celera reported after the close of the market on Wednesday that its fourth-quarter revenues quadrupled to $43.4 million from $10.2 million year over year, thanks largely to the acquisitions of Berkeley HeartLab and Atria Genetics in the second quarter of fiscal 2008.
 
Excluding the contribution of those two acquisitions, Celera’s fourth-quarter revenues were $15 million.
 
Product revenues increased 48 percent for the quarter to $9 million from $6.1 million, while revenue from royalties, licenses, and milestones doubled to $8.3 million from $4.1 million. Celera also had service revenue of $26.1 million, compared to no service revenue in the comparable period of 2007.
 
The Alameda, Calif.-based company posted a net loss of $96.8 million, or $1.21 per share, for the three-month period ended June 30, compared to a net loss of $8 million, or $.10 per share, in the prior year. The most recent quarter’s results include a $91.2 million non-cash tax charge to establish a valuation allowance against deferred tax assets as a result of the firm’s separation from Applera.
 
Celera’s R&D costs fell 30.4 percent to $9.4 million from $13.5 million in the quarter, while its SG&A expenses more than tripled to $25.1 million from $8.3 million. The firm attributed the increased SG&A spending to activities related to Berkeley HeartLab.
 
The firm will launch its KIF6 cardiac gene test later this week, Celera CEO Kathy Ordoñez said during a conference call today, and it expects the test to be a significant revenue generator from the Berkeley business.
 
For full-year 2008, Celera reported revenues of $103.2 million compared to 2007 revenues of $43.4 million. The firm’s net loss for the year was $103.2 million, or $1.30 per share, compared to a net loss of $20.6 million, or $.26 per share, for fiscal 2007. Excluding charges, earnings per share were $0.01 for the year, compared to a loss of $0.24 per share for the prior year.
 
The company’s services revenue for 2008 was $71 million, while product revenue was $32.1 million and royalty, licenses, and milestones revenue was $36.3 million.
 
Celera finished the quarter and fiscal 2008 with cash and short-term investments of approximately $335 million.

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