NEW YORK (GenomeWeb News) — Nanogen yesterday reported that third-quarter revenues bolted upwards 134 percent on dramatic increases in product sales, but the company posted a 34-percent increase in net loss.
Total receipts for the quarter ended Sept. 30 increased to $7.5 million from $3.2 million year over year.
R&D spending in the quarter doubled to $6.2 million, Nanogen said.
Nanogen said net losses for the period swelled to $11.8 million from $8.8 million year over year.
The company said it had around $32.8 million in cash, equivalents, and short-term investments as of Sept. 30.
Nanogen, which last month said it would cut its US headcount by 15 percent by the end of the year in an effort to improve profits, also said it was working to integrate some acquisitions. Among them are Epoch Biosciences, SynX, and Spectral Diagnostics’ cardiac assets.