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Lumera's Q4 Revenues Dip, Net Loss Rises

NEW YORK (GenomeWeb News) – Lumera reported after the close of the market yesterday that its fourth-quarter revenues fell 72.7 percent and its net loss increased 64.5 percent as a government contract wrapped up in the early part of the quarter.
Lumera had revenues of $356,000 for the three-month period ended Dec. 31, 2007, compared to revenues of $1.2 million in the fourth quarter of 2006. Revenue from a government contract was $320,000 in the quarter. The firm said that the decline in revenue was expected and is related to the timing of milestones under a contract with the Defense Advanced Research Projects Agency, which finished early in the fourth quarter.
Bothell, Wash.-based Lumera posted a net loss of $5.1 million, or $.25 per share, compared to a net loss of $3.1 million, or $.17 per share, in the comparable period of 2006.
The firm’s R&D expenses rose 23.8 percent to $2.6 million from $2.1 million, and its SG&A costs climbed 55.6 percent to $2.8 million from $1.8 million.
For full-year 2007, Lumera reported revenues of $2.8 million compared to $3.4 million in 2006. Its net loss increased to $16 million, or $.80 per share, from $12.1 million, or $.70 per share.
Lumera’s R&D spending for the year was $7.3 million, up from 6.7 million, while SG&A costs jumped to $11 million from $7.7 million.
The firm finished the year with $7.1 million in cash and cash equivalents.
Lumera expects contract revenues in 2008 to be around $6 million, compared with $2.6 million realized in 2007.
The firm’s Plexera Bioscience subsidiary announced during the fourth quarter that it had signed an agreement with an undisclosed early-access customer for its antibody discovery system, which Plexera expects to launch in May 2008.

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