NEW YORK (GenomeWeb News) – GeneLink today reported that its first-quarter revenues rose to $2 million from only $26,424 for the first quarter of 2008.
The Orlando, Fla.-based consumer genomics company said in a filing with the US Securities and Exchange Commission that the dramatic rise in its revenues was due to last year's launch of its GeneWize Life Sciences business and sales of its LifeMap Nutrition System product. GeneWize is directly selling to consumers nutritional products and skin care products that the firm said is specifically tailored to an individual's genetic makeup.
GeneLink posted a net loss of $510,229 for the quarter ended March 31, compared a net loss of $448,250 for Q1 2008. The higher loss was due to sales commission expenses of $733,025 paid to sales affiliates.
GeneLink finished the quarter with cash and cash equivalents of $676,251.