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Genomic Solutions Reports Higher Revenues; Predicts Profitability by Yearend

NEW YORK, Feb 15 – Genomic Solutions reported Thursday fourth quarter 2000 earnings of $5.5 million, up from $3.4 million in the same quarter of 1999, as the result of increased sales of the Investigator proteomic and GeneTAC biochip system and revenues from contract research performed at the company’s Proteomic Research Center.

Fourth quarter 2000 loss from operations narrowed to $1.5 million from $2.7 million in the year-ago quarter. Net loss for the fourth quarter was $1.3 million, or five cents a share, compared with $3.8 million, or $1.27 per share, for the fourth quarter of 1999.

“We expect strong growth to continue this year, with profitability realized in the fourth quarter of 2001 as we build upon our current product and service offerings and commercialize new ones,” Jeffery Williams, CEO of Genomic Solutions, said in a statement.

The Ann Arbor, Mich.-based company said it expects to launch six new GeneMap preprinted arrays in 2001, along with new proteomic products such as protein chips and a benchtop version of the GeneTAC biochip system.

Revenues for the year rose as well, to $19.1 million in 2000 from $12.1 million in 1999. Net loss for 2000 narrowed to $7.9 million, or 45 cents a share, compared with $11.1 million, or $3.75 per share in 1999.

Last May, Genomic Solutions raised a gross $61.3 million in an IPO, some of which went towards the September opening of its Proteomics Research Center.

On a down note, PerkinElmer on Wednesday sued Genomic Solutions in an attempt to block a “proposed transaction” with an undisclosed third party. PerkinElmer not only has distribution and marketing agreement with Genomic Solutions, but also has the right to require Genomic Solutions to call and redeem all shares of Genomic Solutions that PerkinElmer does not own, according to a statement.