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Lumera's Q2 Revenues Rise 40 Percent on Govt. Contracts

NEW YORK (GenomeWeb News) — Lumera yesterday said second-quarter revenues grew 40 percent as R&D spending fell 13 percent and net loss grew 3 percent.
Total receipts for the three months ended June 30 increased to $934,000 from $665,000 year over year.
Nearly all of the company’s revenue came from US government service contracts, Lumera said. Much of the gain in revenue was due to a contract with the Defense Advanced Research Projects Agency to develop electro-optic polymer modulators. Electro-optic product sales contributed $6,000 over the quarter.
Lumera did not break out revenues for its bioscience business, which it recently restructured into a wholly owned subsidiary called Plexera Biosciences.
R&D spending dipped to $1.4 million from $1.6 million in the year-ago period.
Lumera said net loss rose to $3.3 million from $3.2 million in the year-ago period. 
Lumera said it had around $2.9 million in cash and cash equivalents as of June 30.

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