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Genomic Solutions Q3 Losses Narrow, Beat Expectations

NEW YORK, Oct 24 – Genomic Solutions said Tuesday its third quarter losses narrowed significantly, beating Wall Street’s expectations by 5 cents.

The company reported pro forma net losses of $869,000, or 3 cents per share, compared with a net loss of $3.9 million, or $1.31 per share, in the year-earlier period, including a $1.2 million non-cash common stock warrant charge. Excluding that charge, third-quarter 1999 losses were 92 cents per share.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000.

The company reported pro forma net losses of $869,000, or 3 cents per share, compared with a net loss of $3.9 million, or $1.31 per share, in the year-earlier period, including a $1.2 million non-cash common stock warrant charge. Excluding that charge, third-quarter 1999 losses were 92 cents per share.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000.

The company reported pro forma net losses of $869,000, or 3 cents per share, compared with a net loss of $3.9 million, or $1.31 per share, in the year-earlier period, including a $1.2 million non-cash common stock warrant charge. Excluding that charge, third-quarter 1999 losses were 92 cents per share.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000. The company reported pro forma net losses of $869,000, or 3 cents per share, compared with a net loss of $3.9 million, or $1.31 per share, in the year-earlier period, including a $1.2 million non-cash common stock warrant charge. Excluding that charge, third-quarter 1999 losses were 92 cents per share.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000. The company reported pro forma net losses of $869,000, or 3 cents per share, compared with a net loss of $3.9 million, or $1.31 per share, in the year-earlier period, including a $1.2 million non-cash common stock warrant charge. Excluding that charge, third-quarter 1999 losses were 92 cents per share.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.

Revenues for the quarter surged 59 percent to $5.0 million, compared with $3.2 million in the 1999 quarter, as the company sold more GeneTAC Biochips and Investigator Proteomic Systems. The company sold a total of 51 new systems in the quarter. It sold 51 systems in the second quarter and 39 during the first quarter of 2000.

Wall Street had expected the company to post losses of 8 cents per share, according to a poll of three brokers conducted by First Call/Thomson Financial.

Shares of Genomic Solutions were up 15/16, or 6.8 percent, to 14 13/16 in midday trading.