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Nanogen s Q4 Revenues Triple as Net Loss Balloons Due to Epoch Charge

NEW YORK, Feb. 24 (GenomeWeb News) - Nanogen reported yesterday that its 2005 fourth quarter revenues more thantripled to $3.1 million from $1.0 million in the year-ago quarter.

 

Product sales grew to $1.2 million in the quarter ended Dec. 31, 2005, from $410,000 in the prior-year period, while license fees and royalty income grew to $1.5 million from $276,000 in the fourth quarter of 2004. 

 

Nanogen's net loss for the quarter widened drastically, however, to $69.7 million, or $1.27 per share, from $11.2 million, or $0.31 per share during the same period in 2004.

 

The net loss for the current quarter included a previously disclosed goodwill impairment charge of $59 million attributable to Nanogen's 2004 purchase of Epoch Biosciences.

 

The impairment is a non-cash charge "related to the original value assigned to goodwill recorded on our balance sheet at the time of the Epoch acquisition," said Robert Saltmarsh, Nanogen's chief financial officer, in a statement. He added that the charge "does not reflect the performance of Epoch," but rather "reflects an adjustment to the estimated fair value of this goodwill asset based on current valuation methodologies."

 

Nanogen's R&D spending rose to $6.4 million in the fourth quarter of 2005 from $5.2 million in the year-ago perioed.

 

Nanogen had $6.2 million in cash and cash equivalents and $32.4 million in cash, cash equivalents, and short term investments as of Dec. 31, 2005.

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