NEW YORK (GenomeWeb News) — Orchid Cellmark today said third-quarter revenues decreased 4 percent as R&D spending declined 16 percent and losses fell 65 percent.
Total receipts for the three months ended Sept. 30 decreased to $15.7 million from $16.4 million year over year.
R&D spending decreased to $316,000 from $376,000 year over year.
The company said losses declined to $1.3 million from $3.8 million in the year-ago period.
Orchid president and CEO Thomas Bologna said the quarterly improvement in the loss column reflects a “clear improvement” and “indicate[s] that our restructuring initiatives gained substantial traction in the third quarter.”
Orchid said it had around $12.5 million in cash and cash equivalents as of Sept. 30.