Skip to main content
Premium Trial:

Request an Annual Quote

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.


Click here for more information.

The Scan

Should've Been Spotted Sooner

Scientists tell the Guardian that SARS-CoV-2 testing issues at a UK lab should have been noticed earlier.

For Martian Fuel

Researchers have outlined a plan to produce rocket fuel on Mars that uses a combination of sunlight, carbon dioxide, frozen water, cyanobacteria, and engineered E. coli, according to Gizmodo.

To Boost Rapid Testing

The Washington Post writes that new US programs aim to boost the availability of rapid at-home SARS-CoV-2 tests.

PNAS Papers on Strawberry Evolution, Cell Cycle Regulators, False-Positive Triplex Gene Editing

In PNAS this week: strawberry pan-genome, cell cycle-related roles for MDM2 and MDMX, and more.