Skip to main content
Premium Trial:

Request an Annual Quote

Orchid to Restate Q2, Q3 05 Earnings; Receives Nasdaq Delisting Warning for Missing Filing Deadline

NEW YORK, April 7 (GenomeWeb News) - Orchid Cellmark will restate its earnings for the second and third quarters of 2005 due to a non-cash, non-operating income event during the second quarter, the company said today.


Also, the company has received a delisting warning from Nasdaq for failing to file a financial statement on time, and that its shares will be delisted at the start of business on April 12, according to a filing with the US Securities and Exchange Commission.


Orchid will restate its earnings due to a settlement of escrow claims associated with its December 2001 acquisition of Lifecodes. The 163,259 shares of the company's common stock received from this settlement, valued at $1.6 million, should have been recorded at the settlement date as a non-operating gain and an acquisition of treasury stock, Orchid said.


The restatement will neither impact the company's cash flow nor have a negative effect on its fiscal year 2005 results.


On April 3, Orchid received a delisting warning from Nasdaq because it failed to file its annual report by the extended deadline of March 31. The company has requested a hearing wirth the Nasdaq listing qualifications panel to appeal the delisting notice.


Orchid said it intends to provide its earnings for the fourth quarter and full year 2005, and file its annual report, "at the earliest possible date."

The Scan

Positive Framing of Genetic Studies Can Spark Mistrust Among Underrepresented Groups

Researchers in Human Genetics and Genomics Advances report that how researchers describe genomic studies may alienate potential participants.

Small Study of Gene Editing to Treat Sickle Cell Disease

In a Novartis-sponsored study in the New England Journal of Medicine, researchers found that a CRISPR-Cas9-based treatment targeting promoters of genes encoding fetal hemoglobin could reduce disease symptoms.

Gut Microbiome Changes Appear in Infants Before They Develop Eczema, Study Finds

Researchers report in mSystems that infants experienced an enrichment in Clostridium sensu stricto 1 and Finegoldia and a depletion of Bacteroides before developing eczema.

Acute Myeloid Leukemia Treatment Specificity Enhanced With Stem Cell Editing

A study in Nature suggests epitope editing in donor stem cells prior to bone marrow transplants can stave off toxicity when targeting acute myeloid leukemia with immunotherapy.