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Orchid Cellmark's Q3 Revenues Drop on Lower UK Sales

NEW YORK (GenomeWeb News) – Orchid Cellmark’s third-quarter revenues declined around 4 percent year over year due to lower service revenues in the UK.
 
The Princeton, NJ-based DNA testing services firm reported revenues of $14.9 million for the three-month period ended Sept. 30, compared with revenues of $15.6 million in the comparable period of 2007. A decline in UK revenues was partially offset by a 4 percent increase in US revenues during the quarter, the firm said.
 
“Our results for the third quarter reflect a challenging industry environment where pricing pressures, declining UK scrapie orders, and adverse foreign exchange rates all contributed to the revenue decline, despite increases in forensics casework volume,” Orchid President and CEO Thomas Bologna said in a statement.
 
Ocrhid’s net loss more than doubled to $1.5 million, or $.05 per share, from $707,000, or $.02 per share, a year earlier.
 
The firm’s R&D spending decreased to $228,000 from $264,000 year over year, while its SG&A expenses also declined slightly to $5.1 million from $5.3 million.
 
Bologna said that the challenges faced during the third quarter would continue in the fourth quarter of the year and put pressure on its operating targets.
 
In early Thursday afternoon trade on the Nasdaq, Orchid’s shares were down around 16 percent at $1.27.
 

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