NEW YORK (GenomeWeb News) – Australian fluorescence and protein detection technologies firm Fluorotechnics last week reported revenues from customers for the first quarter of A$204,346 (US$224,006), down nearly nine-fold from A$1.8 million a year ago.
The company, which is in the middle of a turnaround effort, also reported net operating cash flows came in at a loss of A$273,609 for the three months ended March 31, compared to a loss of A$1.5 million a year ago.
R&D costs were sliced to A$20,813 from A$254,80,6 and SG&A costs shriveled to A$7,667 from A$353,608 a year ago.
As part of its effort to stay afloat, Fluorotechnics sold its US subsidiary Gel Company for $150,000 in October, and its gel and High Performance Electrophoresis, or HPE, Tower technology in December.
In a letter accompanying the release of its Q1 earnings results, Ian Gilmour, company secretary, said that Fluorotechnics continues to scale back its operations and sell off assets, and the company's ongoing cash burn has been "significantly reduced."
Fluorotechnics is evaluating new investment opportunities, Gilmour added.