NEW YORK (GenomeWeb News) – Clinical Data yesterday reported a 94-percent revenue increase for its fical first quarter of 2007 as last year's profit swung to a loss.
The company reported $24.8 million in revenues for the quarter ended June 30, up from $12.8 million during the same quarter a year ago.
Product revenue climbed 26 percent to $14 million, from $11.3 million in the prior year. Service revenue surged to $10.6 million from $1.5 million in the prior year.
Clinical Data’s R&D expenses for the quarter climbed to $3.2 million from $707,000 during the same period a year ago.
The company’s net income for the quarter swung to a loss of $6.2 million, compared to a profit of $407,000 in the year-ago period.
As of June 30, Clinical Data had $19 million in cash and cash equivalents.