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Lynx Crosses Into Black for Q3

NEW YORK, Nov. 13 (GenomeWeb News) -Lynx Therapeutics today crossed into the black, reporting net income of $1.8 million for the third quarter of 2003.

 

"Our operating performance in the third quarter of 2003 reflects higher genomics revenues and continued aggressive management of our expenses," Kevin Corcoran, Lynx's President, said in a statement.

 

The Hayward, Calif., company's revenues came to $8.3 million for the third quarter, up from $4.8 million for the third quarter of last year.

 

R&D expenses decreased to $3.0 million, compared to $4.3 million for the same period last year.

As of Sept. 30, Lynx had $6.4 million in cash and cash equivalents, including restricted cash, compared to $11.7 million for the same period last year.

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