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Nanogen's Q2 Revenues Spike 63 Percent, Loss Widens on Consolidation Costs

NEW YORK (GenomeWeb News) - Nanogen yesterday said second-quarter revenues increased 63 percent as R&D spending increased 15 percent and its net loss increased 3 percent.
 
Total receipts for the three months ended June 30 increased to $10.3 million from $6.3 million year over year.
 
The company said product-related revenue rose 32 percent to $5.3 million from $4 million, and income from licensing and royalties increased 13 percent to $2.1 million from $1.8 million.
 
Revenue from contracts and grants rose more than six-fold to $3 million from $481,000.
 
R&D spending rose to $7.5 million from $6.5 million year over year.
 
The company said its net loss widened to $14.5 million from $14.1 million in the year-ago period.
 
Nanogen said this quarter it assumed $1.9 million in termination costs related to the consolidation of its operations in Toronto into a single facility, and it spent $2 million investing in the Finnish genetic marker company Jurilab.
 
Nanogen had around $7.3 million in cash and equivalents and $6.1 million in short-term investments as of June 30.
 
The company said it expects revenue to grow more than 50 percent for full-year 2007 compared with 2006, when it posted $26.9 million in revenue.  
 
"As evidenced by our facilities consolidation in Toronto, we are continuing to aggressively manage expenses,” said Nanogen CEO Howard Birndorf said.

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