Skip to main content
Premium Trial:

Request an Annual Quote

Molecular Devices Stock Plunges 19 Percent on Lackluster Drug-discovery Product Sales, Net Loss

NEW YORK, Oct. 29 (GenomeWeb News) - Investors continued to spank Molecular Devices today after the company posted a net loss and warned of the future of its drug-discovery product lines yesterday, even though it posted a 42-percent surge in total revenue.

 

Shares in the Sunnyvale, Calif.-based company were down nearly 19 percent, or $4.55, to $19.50 in mid-afternoon trading today. The stock fell to as low as $18.81 today.

 

Moelcular Devices yesterday reported a 42-percent increase in revenue for the three months ended Sept. 30, to $41.5 million from $29.3 million year over year. The company attributed the increase to "continued ... growth in our core MDC life sciences products due to the success of the SpectraMax M2 bench-top reader and Meta series of cellular imaging products," Joseph Keegan, president and CEO, said in a statement.

 

"However, a number of our drug discovery product lines, including Discovery-1, IonWorks and Analyst, did not meet our expectations for the quarter," he said. "As a result of this unanticipated weakness, we have become more cautious about the state of the overall market."

 

Molecular Devices spent 6.4 million on R&D, $1.8 million more than it spnt in the year-ago period, the company said.

 

Molecular Devices also said third-quarter net loss was $1.3 million, or $.07 per share, compared with a net income of $2.3 million, or $.15 per share, year over year. The company attributed the loss to costs associated with its acquisition of Axon for $68 million, which closed in March.

The company said it had around $19.4 million in cash and equivalents as of Sept. 30.

The Scan

Science Confidence Boost

The New York Times reports that a new poll finds trust in science and scientists has increased with the COVID-19 pandemic.

Appeal and Funds

Some grant applications denied funding due to an Australian Research Council rule change have now been funded following an appeal, the Guardian reports.

Surveillance for Variants

Vox writes that the detection of the Omicron SARS-CoV-2 variant highlights the need for improved viral genomic surveillance.

Nature Papers Examine Taxonomic Gaps in Plant Sequencing, SARS-CoV-2-Human Interactome

In Nature this week: plant genome sequencing dominated by affluent countries, and more.