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NEWSBRIEF: Revenues Jump, Losses Slump For Orchid BioSciences in Q1.

NEW YORK, May 9- Revenues nearly tripled and net losses dwindled slightly for the first quarter of 2002, Orchid BioSciences reported today.

 

Net losses for the quarter were $10.5 million, compared with $11.5 million in the first quarter of 2001.

 

Revenues shot up to $15.8 million in the quarter, up from $5.6 million in the same quarter in 2001. Income was boosted by demand for SNP and genotyping services and increased sales of the company's SNP platform.

 

As a result, the company's net loss per diluted share of 21 cents was better than the 23 cent-per-share analyst expectation.

 

Cash and cash equivalents at the close of the quarter totaled about $39 million.

 

Operating expenses for Q1 of 2002 were $27.2 million, up from $17.8 million in that quarter of the previous year. Much of that increase, said the company, was caused by the acquisition of Lifecodes.

 

CFO Donald Marvin, emphasizing the company's recent restructuring and layoffs, said Orchid would be reducing net cash burn to "high single digits" within the next few quarters.

 

R&D expenditures were down to 1/3 of overall expenses, he said, "consistent with our shift from R&D to sales, commercialization and marketing."

 

Marvin said that the company should reach profitability by the close of 2003.

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