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Ciphergen Q4 Revenue Fell 12.7 Percent, Expects Q1 05 Receipts to Slide 32-40 Percent

NEW YORK, Feb. 17 (GenomeWeb News) - Ciphergen today reported a fall-off in total revenue in the fourth quarter, decreased R&D spending, and net income resulting from its sale late last year of its BioSepra business.


Total revenues for the three months ended Dec. 31., 2004, fell 12.7 percent to $10.1 million from $11.6 million year over year.


Ciphergen said R&D spending in the fourth quarter shrank 35.6 percent to $3.7 million from $5.8 million year over year.


The company said net income in the quarter swelled to $10.3 million, or $.35 per basic share, from a net loss of $6.7 million, or $.23 per basic share. The turnaround was the result of Ciphergen's sale late last year of its BioSepra unit for $35.8 million.


Ciphergen said it had around $35.4 million in cash and equivalents and $2.2 million in short-term investment as of Dec, 31, 2004.


Looking ahead, Ciphergen said it expects first-quarter revenue to fall between 32 and 40 percent to between $8 million and $9 million from $13.3 million in the first quarter of 2004.


However, the company expects 2005 revenue to increase by as much as 20 percent to between $44 million from $48 million from $40.2 million in 2004.

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