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With Dwindling Q2 Revenues, Pyrosequencing Announces Cost-Cutting Plan

NEW YORK, Aug. 8-With sharply declining revenues and wider losses for the second quarter of 2002, Pyrosequencing today announced a company-wide plan to slash monthly costs by 10 percent.

 

The Swedish genetic analysis equipment company reported revenues of $1.8 million in the quarter, down from $2.7 million in the second quarter of 2001.

 

During the quarter, the company took orders for 24 new DNA analysis systems, recording 13 as revenue. The company also said it has a backlog of 13 systems and therefore expects revenues to climb in subsequent quarters.

 

Net losses for the quarter were $5.5 million or $0.16 per share. In the equivalent quarter during the previous year, losses were $3.8 million or $0.11 per share.

 

R&D expenses climbed from $2.6 million in the second quarter of 2001 to just over $3 million in the second quarter of 2002.

 

Its cost-cutting plan will "adjust spending to reflect current market conditions," the company said in a statement. Pyrosequencing expects that charges resulting from this effort will amount to less than $200,000.

 

Pyrosequencing held cash and short-term investments worth $19.1 million as of June 30, 2002.

 

For more information, see the company press release.

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