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Icoria, in Transition, Posts 21-Percent Slide in Q2 Revenue; Restructuring Ongoing

NEW YORK, Aug. 16 (GenomeWeb News) - Icoria yesterday reported reduced revenues and narrowed losses for the second quarter of 2005.


Revenues declined 21 percent to $5 million from $6.3 million during the year-ago quarter. While healthcare revenues grew 11 percent, to $2.5 million, agriculture revenues declined by 39 percent, to $2.4 million, mainly due to the sale of Icoria's agricultural genomics business to Monsanto earlier this year.


R&D expenses declined to $5.5 million from $6.8 million during the second quarter of last year.


Icoria's net loss fell 16 percent, to $3 million, or $.08 per share, down from $3.6 million, or $.10 per share, for the same period last year.


"The second quarter was a period of transition for Icoria, and our financial results reflect this," said Douglas Morton, Icoria's interim CEO, in a statement. "We are working to restructure our cost base and to minimize our burn rate without impairing the operations and research activities on which Icoria is building its future."


As of June 30, Icoria had $8.7 million in cash, cash equivalents, and short-term investments.

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