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Lynx Sees Q4, Full-Year Revenues Drop, Forecasts Strong Growth in 2001

NEW YORK, Feb 21 – Lynx Therapeutics reported a 37 percent drop in fourth-quarter 2000 revenues to $3.3 million, compared with $10.1 million in the year ago quarter, as revenues from technology access and service fees as well as collaborative research fell.

In the fourth quarter, Lynx posted revenues from technology access and service fees of $3.2 million, compared with $5.1 million in fourth-quarter 1999. Revenues from collaborative research plummeted to $125,000, from $5.0 million in the year ago period.

For the year, total revenues were down a more modest 1.9 percent to $12.6 million, compared with $12.9 million in 1999.

The Hayward, Calif.-based microbead maker estimated revenues of $3.5 million for the first quarter of this year and between $20 million to $25 million for full-year 2001. Lynx said the full-year revenue forecast assumes the closing of several new deals.

“The level of revenues in these future periods will be dependent upon the number and timing of tissue and cell samples received from existing customers and collaborators, as well as Lynx’s performance of related genomics discover services on these samples,” the company said in a statement.

Fourth-quarter operating costs for the Hayward, Calif.-based microbead maker were up 47 percent to $7.8 million, compared with $5.3 million in the year ago period. For the year, operating costs rose 45 percent to $29.6 million.

The company said these increased expenses largely reflect a rise in expenditures on personnel, facilities, and materials for commercial operations and R&D.

In the fourth quarter, Lynx slipped back into the red, posting net looses of $4.7 million, or 41 cents a share, compared with net earnings of $5.0 million, or 45 cents a share in fourth quarter 1999. Wall Street had expected Lynx to post a loss per share of 34 cents, based on a survey of two brokers conducted by First Call/Thomson Financial.  

For the year, Lynx’s net losses more than doubled to $13.3 million, or $1.17 a share, compared with net losses of $6.7 million, or 60 cents a share in 1999.

The company had cash, cash equivalents, and short-term investments totaling $18.8 million at the end of 2000, compared with $30.8 million at the end of 1999. Lynx said the company had enough money to get through 2001 and early 2002, but would seek to raise additional capital either through a follow-on offering or through a private equity placement.

Last March, Lynx withdrew its registration statement with the US Securities and Exchange Commission for a follow-on offering, after comments made by President Clinton and Prime Minister Blair sent the genomics market into a tailspin.

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