Genomic Solutions Posts Revenue Rise, Decreased Loss in Q1

SAN FRANCISCO, April 25 - Genomic Solutions on Thursday posted increased revenues and a decreased loss for the first quarter 2002.

For the three months ended March 31, the company reported revenues of $6.7 million, compared with $4.4 million in the same period one year ago.

Genomic Solutions also said that net losses decreased to $1.6 million, or $.05 a share in the first quarter of 2002, compared with $3 million, or $.12 a share one year ago. R&D spending decreased roughly $600,000 year-over-year to approximately $1.4 million.

The company attributed the revenue rise to sales in its new high throughput screening product line and a 25 percent increase in revenue from its genomic products.

"We met our financial expectations in all areas, including revenue, gross profit margin, operating expenditures and EBITDA," Jeffrey Williams, CEO of Genomic Solutions, said in a statement. "We are on plan to reach our goal of positive EBITDA later this year."

Genomic Solutions said it had $7.2 million in cash and cash equivalents at the end of the first quarter 2002, down from $33.8 million for the same period one year ago.