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.
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