NEW YORK, April 30 - Nanogen today reported a wider net loss in the first quarter as shrinking revenue outmusceled a surge in product sales.
Total revenue for the quarter ended March 31 were $1.5 million compared with $2.9 million in the year-ago period. The decline was the result of an anticipated slowdown in sponsored research programs, Nanogen said.
The company posted $812,000 in product sales, threefold more than the $229,000 it reported one year ago. Helping this increase was the sale seven NanoChip workstations.
R&D spending was cut back to $4.3 million in the current first quarter from $4.8 million year over year. Still, Nanogen posted a loss of $7.5 million, or $.35 per share, compared with $6.3 million, or $.30 per share, one year ago.
The company said it had $59.5 million in cash, cash equivalents, and short-term investments as of March 31, it said.
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