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Lynx Reports Lower Q3 Revenues Amid Flat Expenses; Stock Rises and Falls

NEW YORK, Nov. 15 (GenomeWeb News) - Lynx Therapeutics posted today a sharp drop in third-quarter revenues, as operating costs stayed unchanged.

 

Lynx's third-quarter revenues were $1.6 million, down from $8.3 million in the same period a year earlier. The company attributed the drop to the recognition of a previously deferred $7 million technology access fee in the third quarter of 2003.

 

The company's operating costs in the quarter were $5.8 million, essentially flat with the same period the year before. Research and development spending, however, dropped slightly to $2.3 million from $3 million.

 

Lynx reported a third-quarter net loss of $4.3 million, versus a profit of $1.8 million in the third quarter of 2003.

 

"While we have continued to fulfill our existing service contracts with our customer base, and we are committed to continue to do so, our organization is increasingly focused on the opportunities related to the proposed business combination with [British sequencing-technology company] Solexa," Kevin Corcoran, Lynx's president and CEO, said in a statement. "The employees and management teams of both companies have been working diligently on the technology development strategy to introduce a commercial product in 2005 and build a leading company in DNA sequencing technologies."

 

Shares of Lynx continued their climb during trading on Tuesday, rising almost 18 percent to close at $3.89. However, shareholders dumped the stock in after-hours trading, sending Lynx's shares down 29.3 percent to $2.75. The company's shares had been trading up for six consecutive business days as investors hoped for a strong third-quarter report and improvements in the company's fortunes with the proposed Solexa merger.

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