NEW YORK, May 1 – Ciphergen Biosystems reported Tuesday an 80 percent increase in first-quarter revenues to $2.7 million from $1.5 million in the year-ago quarter.
The company attributed the increase to greater sales of its ProteinChip systems and arrays in addition to service revenue from their Biomarker Discovery Centers. The growth represents “continued progress in our mission of enabling benchtop biologists to perform proteomics research," William Rich, CEO of Ciphergen, said in a statement.
The Fremont, Calif.,-based company said its total expenses rose to $9.1 million from $3.7 million for the first quarter of 2000. Of the 2001 expenses, $1.5 million was deferred stock compensation versus $900,000 for the year-ago quarter. Research and development expenses increased to $2.6 million, from $1 million in 2000 and general and administrative expenses were up to $3.4 million from $1.1 million in the year-ago quarter.
First-quarter net losses were $6 million, or 23 cents per share, computed from 26.3 million shares, compared with $2.7 million, or 41 cents a share for 6.5 million shares, in the year ago period.
As of the end of March, the company had $103.2 million in cash, cash equivalents, and long-term investments.
Ciphergen said that following a lag in its marketing efforts, it now expected to maintain quarter-to-quarter revenue growth of between 80 and 110 percent for the remainder of the year. However, the company also foresees the possibility of downturn.
“We believe that the effect of the ramp-up in our sales force hasn't yet been fully reflected in our sales,” said Rich. “In addition, we were clearly not immune to the overall economic environment which has caused certain of our prospective customers to be cautious in their capital goods purchases.”