NEW YORK, Feb. 14 - Genomic Solutions on Thursday posted slumping revenue atop a wider loss following its acquisition of Cartesian Technologies.
Revenue for the period ended Dec. 31 was $4.4 million compared with $5.5 million one year ago, results that the company said had missed expectations.
R&D spending in the quarter also fell, to $1.4 million from $1.5 million last year while restructuring costs, pegged at $8.6 million, made up the brunt of Genomic Solutions' expenses for the quarter.
As a result, net loss was $12.3 million, or $.49 per share, for the fourth quarter 2001 compared with $1.3 million, or $.05, year over year. Genomic Solutions had $13.1 million in the bank at the end of the quarter.
"While 2001 did not meet our financial expectations, we made significant strides toward profitability and implementation of our business plan with our cost reduction initiatives and our acquisition of Cartesian Technologies," which closed on Dec. 18, said Jeffrey Williams, president and CEO of Genomic Solutions.
Looking ahead, the company said that revenue "will exceed $30 million." Total revenue in fiscal 2001 was $17 million, which well from $19 million in 2000.