NEW YORK (GenomeWeb News) – Orchid Cellmark today reported that its fourth-quarter and fiscal 2008 revenues declined due to lower UK revenues and a decline in revenues from forensic casework and its CODIS business.
Orchid brought in total revenues of $13 million for the three-month period ended Dec. 31, a drop of 13 percent from revenues of $15 million for the fourth quarter of 2007.
The firm said that the decrease was due to the negative effects of currency translation as the dollar rose against the British pound, which reduced its UK revenues by 23 percent. It also said that some of the decrease is due to "a substantial drop in the federal CODIS (Combined DNA Index System) and state DNA databases business, which the company believes to be a temporary decline as state backlogs continue to build in the absence of outstanding bids."
Orchid's profit, however, increased to $473,000, or $.02 per share, from $168,000, or $.01 per share.
The firm's R&D expenses dropped slightly to $192,000, from $213,000 year over year, while its SG&A spending declined roughly 12 percent to $4.6 million from $5.2 million.
For full-year 2008, Orchid's revenues fell 4 percent to $57.6 million from $60.3 million. According to the firm, its US-based revenues rose 3 percent over 2007 due to increases in its US paternity testing business and its acquisition of ReliaGene Technologies. That gain was offset, though, by lower revenues from its forensic casework and CODIS business.
Orchid's net loss for the year rose to $4.5 million, or $.15 per share, from $3 million, or $.10 per share.
Its R&D costs for the year fell to $846,000 from $1 million, and its SG&A spending increased to $21.9 million from $21.4 million.
Orchid finished the year with $15 million in cash and cash equivalents.