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Orchid BioSciences Reports 29-Percent Jump in Q4 Revenue; R&D, Profit Increase

This update serves to correct three errors: Orchid generated $13.7 million in total revenue during the fourth quarter of 2003, not $12.6 million, as was reported. Additionally, Orchid's net earnings per share during the fourth quarter 2004 was $.03, not $.04, as was reported; and the company posted a net loss of $7.3 million during the fourth quarter of 2003, as opposed to $7.2 million, as was reported.

NEW YORK, March 10 (GenomeWeb News) - Orchid BioSciences recorded a 29-percent increase in fourth-quarter revenues, the company said today.

 

The Princeton, NJ-firm said total revenues for the three-month period ended Dec. 31, 2004, increased to $17.6 million from $13.7 million for the year ago period. Orchid said the increase came from a jump in forensics testing from its new private human identification and family-relationship testing services.

 

R&D spending for the quarter increased to $335,00 from $209,000 year over year, Orchid said.

 

Orchid also said it posted a net income of $668,000, or $.03 per share, compared to a net loss of $7.3 million, or $.46, in the fourth quarter of 2003.

 

The company reported cash, cash equivalents, and short-term investments of $30.5 million on hand as of Dec. 31.

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