NEW YORK, July 1 (GenomeWeb News) - Ciphergen Biosystems expects a significant drop in revenues for the second quarter and plans to cut costs in its instrumentation division, the company said yesterday.
Ciphergen estimates revenues of $10-11 million for the quarter ending yesterday, down from $14.3 million during the same period last year.
Bill Rich, the company's president and CEO, said in statement that "we will take steps to reduce operating expenses in our Biosystems Division more in line with a reduced revenue run rate." He also told GenomeWeb News that it is unclear yet whether the cost cutting will involve layoffs. More details will be announced during a webcast later this month.