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Orchid Reports Slight Jump in Q4 Revenue, Widened Net Loss; Puts Diagnostics Unit on the Block

This article has been corrected from an earlier version, which incorrectly reported total revenue for the period.

 

NEW YORK, Feb. 27 - Orchid Biosciences today reported a slight increase in fourth-quarter revenue amid swelling overall expenses and a doubled net loss. The company also said it is "committed" to selling its diagnostics unit, and has excluded that business' revenue from total fourth-quarter receipts.

 

Total revenue for the period ended Dec. 31 increased to $13.0 million from $10.9 million for the same quarter one year earlier, Orchid said. The increase resulted primarily from growth in the company's forensics, paternity, and public health-genoprofiling businesses, which grew to $10.9 million in the quarter from  $7.6 million year over year, and from the addition of the Lifecodes in December 2001. However, fourth-quarter receipts do not include the $2.1 million generated by Orchid's Diagnostics group, which the company plans to sell over the next three months.

Fourth-quarter spending swelled to $39.5 million from $28.0 million during the same period last year, due to a $17.4 million restructuring cost. However, R&D spending was the only direct expenditure to have bucked the trend, falling to nearly $3 million from $8 million year over year, Orchid said.

 

As a result, net loss in the quarter increased to $35 million, or $.50 per share, from $17 million, or $.41 per share, for the same quarter one year ago.

 

Orchid said it had roughly $13.4 million in cash, cash equivalents, and short-term investments as of Dec. 31.

 

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