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Gene Logic Posts Revenue Gains, Narrowed Loss in Q3

NEW YORK, Oct. 28 - Gene Logic today said that an increase in GeneExpress subscribers helped boost third-quarter revenue by 23 percent. In addition, despite a boost in R&D spending and overall expenses, net loss in the quarter narrowed.

 

For the three-month period ended Sept. 30, Gene Logic reported $14.2 million in total receipts, up from $11.5 for the same quarter one year ago.

 

R&D spending in the quarter grew to $17.3 million from $14.5 million in the third quarter last year, and SG&A fell to $4.3 million in the current quarter from $4.7 million year over year, the company said.

 

Net loss narrowed during the third quarter to $7 million, or $.26 per share, from $7.2 million, or $.27 per share, year over year.

 

Gene Logic said it had roughly $171.9 million in cash and cash equivalents as of Sept. 30.

 

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