Skip to main content
Premium Trial:

Request an Annual Quote

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.

The Scan

Study Reveals Details of SARS-CoV-2 Spread Across Brazil

A genomic analysis in Nature Microbiology explores how SARS-CoV-2 spread into, across, and from Brazil.

New Study Highlights Utility of Mutation Testing in Anaplastic Thyroid Cancer

Genetic mutations in BRAF and RAS are associated with patient outcomes in anaplastic thyroid carcinoma, a new JCO Precision Oncology study reports.

Study Points to Increased Risk of Dangerous Blood Clots in COVID-19 Patients

An analysis in JAMA Internal Medicine finds that even mild COVID-19 increases risk of venous thromboembolism.

Y Chromosome Study Reveals Details on Timing of Human Settlement in Americas

A Y chromosome-based analysis suggests South America may have first been settled more than 18,000 years ago, according to a new PLOS One study.