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Orchid Cellmark Trims Loss as Revenues Rise 15 Percent in Q2

NEW YORK (GenomeWeb News) — Orchid Cellmark yesterday said second-quarter revenue rose 15 percent, R&D spending fell 9 percent, and it slashed its net loss more than five-fold.
Total receipts for the three months ended June 30 increased to $15.7 million from $13.6 million year over year.
The company said the new sales were largely due to more forensic casework and testing services in the US and in the UK. Those gains were “partially offset” by a slip in paternity testing revenue in the US and lower agricultural revenue in the UK.
Orchid Cellmark’s CEO, Thomas Bologna, said the forensic businesses showed “strong improvement.”
“As volumes increase further,” Bologna said, “and we maintain our focus on increasing operating efficiencies, we believe our gross margin and overall performance will continue to improve."
R&D spending decreased to $289,000 from $316,000 year over year.
Net loss declined to $745,000 from $4.2 million in the year-ago period.
“We believe we are well on our way to turning the company around and we are now in the process of strengthening the management team to grow our business," Bologna added.
Orchid said it had around $23.9 million in cash and equivalents as of June 30.

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