Skip to main content
Premium Trial:

Request an Annual Quote

Lion s Preliminary Q3 Revenues and Losses Down; New Revenue Accounting Practice

NEW YORK, Feb. 4 (GenomeWeb News) - Lion Bioscience yesterday reported preliminary earnings for the third quarter of its current fiscal year, which ended Dec. 31. The results reflect a change in its revenue accounting practice.

 

The company expects revenues of 6 million ($7.5 million) for the quarter, down from €8.5 million the year before. Its net loss is expected to be 6.1 million, down from 22 million for the same period last year.

 

As of Dec. 31, Lion had cash, cash equivalents, and marketable securities of 48.1 million.

 

Under its new accounting practice, Lion will recognize revenue from software licenses ratably over the term of the contract, rather than upon delivery of the software. Lion is planning to restate its result for prior fiscal years accordingly.

 

As a result of the change, the company expects to see increased revenues for the current fiscal year, and reduced revenues for prior years. Lion plans to issue its nine-month report for the current fiscal year at the end of the month.

 

The company said it no longer expects to reach its goal of break-even this quarter. Its guidance for the next fiscal year will rely on whether or not Bayer will extend its collaboration with Lion, scheduled to end this summer. "The on-going slump in the life science informatics market, the weak U.S. dollar as well as a slower than anticipated market introduction of new products, continue to have an adverse effect on Lion's business," Lion stated.

 

 

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more