Skip to main content
Premium Trial:

Request an Annual Quote

NEWSBRIEF: InforMax Posts 44 Percent Drop in Revenue for Q1, Widened Loss

SAN FRANCISCO, May 1- InforMax today reported a 44 percent decrease in revenue and a rising net loss in its first quarter.

 

Total revenue for the first quarter ended March 31 came in at $3.7 million compared with $6.6 million one year ago. CEO Andrew Whiteley said the revenue shortfall was due in part to the absence of first quarter sales of the company's GenoMax software.

 

"During the quarter, we experienced delayed and deferred purchase decisions by potential customers for InforMax's GenoMax product," Whiteley said in a statement. "The situation is being exacerbated by a tighter funding climate and continued softness in this previously robust biotech customer segment."

 

Net loss for the quarter, calculated via generally accepted accounting principles, increased to $7.6 million compared with $4.2 million for the year-ago period, according to the company. Excluding non-cash charges related to stock based compensation and a $775,000 charge related to restructuring, net loss increased to $.27 per share compared to $.19 a share for the first quarter a year ago.

 

R&D spending increased to $2.8 million compared to $2 million for the first quarter in 2001.

 

InforMax said it had roughly $35 million in cash and cash equivalents as of March 31.

 

Click here for more information.

 

 

The Scan

US Booster Eligibility Decision

The US CDC director recommends that people at high risk of developing COVID-19 due to their jobs also be eligible for COVID-19 boosters, in addition to those 65 years old and older or with underlying medical conditions.

Arizona Bill Before Judge

The Arizona Daily Star reports that a judge weighing whether a new Arizona law restricting abortion due to genetic conditions is a ban or a restriction.

Additional Genes

Wales is rolling out new genetic testing service for cancer patients, according to BBC News.

Science Papers Examine State of Human Genomic Research, Single-Cell Protein Quantification

In Science this week: a number of editorials and policy reports discuss advances in human genomic research, and more.