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Genomica Revenues Up on Software Sales, Losses Widen

NEW YORK, May 1 – Genomica said Tuesday its first quarter revenues rose 20 percent to $444,000 compared with $370,000 in the same period last year.

Genomica’s operating expenses rose to $7.7 million for the quarter, up from $6.8 for the previous-year period, stemming from higher R&D and sales and marketing expenses. General and administrative expenses decreased to $2.1 million from $2.5 million for the first quarter of 2000.

"The first quarter of 2001 was a productive period for Genomica in executing our strategy to be the market leader combining software and information based on genetic variation as the basis for personalized medicine," Genomica CEO Teresa Ayers said in a statement.

On a pro forma basis the company’s net losses widened to 14 cents per share, or $3.2 million, compared to pro forma net losses of $2.2 million, or 18 cents per share, for the first quarter of 2000. Wall Street had expected the company to report losses of 10 cents per share, according to a poll of three brokers conducted by FirstCall/Thomson Financial. 

These pro forma figures reflect the conversion of the company’s preferred stock into common stock as well as other charges. Excluding these factors, Genomica reported losses of $5.3 million, or 24 cents per share, coimpared with $21.3 million, or $17.64 per share for the year-ago quarter.

As of March 31, the company had $119.7 million in cash, cash equivalents, and marketable securities.

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