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Orchid Posts Flat Q2 Revenues, Narrowed Loss

NEW YORK, Aug, 7 (GenomeWeb News) - Orchid Biosciences to reported flat revenue in the second quarter amid decreased R&D spending and narrowed net loss.


Total revenue for the period ended June 30 was $12.4 million, unchanged from the year-ago quarter, Orchid said. However, receipts from the company's core business unit of forensic, paternity, and public health DNA testing increased 11 percent year over year.


R&D spending fell to $1 million, from $5 million, and net loss narrowed to $10.2 million, or $.18 per share, from $12.2 million, or $.22 per share, in the second quarter 2002.


Orchid said it had roughly $15.7 million in cash and cash equivalents as of June 30.


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