NEW YORK, Feb 15 - Buoyed by strong sales of its ProteinChip systems, Ciphergen reported $3 million in fourth quarter earnings, up from $2 million in 1999, while increased expenditures caused net losses to widen.
Ciphergen's total revenues for 2000 increased 78 percent, to $8.9 million, from $5 million in 1999.
The company sold 19 ProteinChip systems in the fourth quarter of 2000, and 56 protein chip systems during the year. This brings the total number of protein chip systems Ciphergen has sold to 128.
"In 2000, Ciphergen completed a successful IPO and generated record growth, not just in revenue and system placements, but also in laying the foundation for the future," William Rich, Ciphergen CEO, said in a statement. "We invested aggressively in our sales and R&D organizations, and expect that this investment will start to have a major impact during 2001 and beyond."
Ciphergen's expenses increased for the fourth quarter to $8.7 million from $3.2 million from the year ago period. Research and development increased to $2.6 million from $901,000, and sales and marketing expenses rose to $2.8 million from $1.3 million. General and administrative expenses also increased, to $3.2 million from $996,000.
Total expenses for the year more than doubled to $28.1 million up from $11.3 million for 1999.
Ciphergen's net losses also rose significantly, from to $4.9 million, or 19 cents a share million, from $1.9 million, or 29 cents a share, in the year-ago quarter. The company had fewer shares outstanding in 1999 as compared with 2000.