NEW YORK (GenomeWeb News) – GeneLink today reported that its second-quarter revenues increased to $2.1 million from $125,000 in the same quarter of 2008.
The company said that virtually all of its revenue came from sales of its LifeMap line of skin care and nutrition formulations based on customers' genetic makeup. GeneLink sells these products through its GeneWize Life Sciences business, which was launched last August.
The Orlando, Fla.-based firm recorded $1.9 million in selling, general, and administrative activities during the quarter, more than double the $853,000 it spent on SG&A in the year-ago period.
The firm recorded zero R&D costs for both the current quarter and the year-ago period.
GeneLink trimmed its second-quarter net loss to $821,000 from $1.1 million for the second quarter of 2008.
The company finished the quarter with cash and cash equivalents of $348,000.
“In addition to focusing on sales growth, GeneLink and GeneWize have embarked on a cost reduction and operational efficiency campaign targeted on accelerating our march toward profitability,” GeneLink’s CEO, Monte Taylor, said in a statement.
The firm did not provide further details of its cost-reduction plan.