NEW YORK (GenomeWeb News) – DeCode Genetics today reported a 74.4 percent increase in first quarter revenues and an 18.1 percent rise in its net loss.
The Reykjavik, Iceland-based firm generated first-quarter revenues of $15 million, compared to revenues of $8.6 million in the first quarter of 2007. The company said the revenue growth was due primarily to continued growth in its genomic services business.
"Since the beginning of the year we have sharpened our strategic focus on capturing the commercial potential of our growing portfolio of DNA-based diagnostics for assessing risk of common diseases, and of our personal genome analysis service deCODEme,” DeCode President and CEO Kari Stefansson said in a statement.
DeCode’s R&D spending was flat year over year at $12.7 million, while its SG&A expenses grew 30.9 percent to $7.2 million from $5.5 million.
The firm’s net loss was $26.7 million, or $.44 per share, compared to $22.6 million, or $.37 per share, in last year’s first quarter.
DeCode finished the quarter with $69.5 million in cash, cash equivalents and investments, including restricted cash equivalents.