NEW YORK, Oct. 26 (GenomeWeb News) - Orchid Biosciences reported an increase in revenues and narrowed losses in the third quarter, resulting in the first quarterly operating profit in the company's history, Orchid said today.
Orchid's revenues increased by 39 percent, to $16.4 million in Q3 2004, from $11.8 million for the year-ago period. Revenue growth was driven by increases in the company's forensics and scrapie susceptibility testing volumes, Qiagen said.
Orchid's net loss for the third quarter was $0.4 million, an improvement from $5.0 million for the third quarter last year. Orchid posted operating income of $176,000 and income of $383,000 from continuing operations before income taxes for the third quarter this year, marking the first quarterly operating profit in the company's history, it said.
As of Sept. 30, 2004, Orchid had $30.5 million in cash, cash equivalents, and short-term investments, of which $24.6 million were in cash and cash equivalents.
Separately, Orchid announced today that it has been selected by the Thames Valley Police as its exclusive provider of forensic DNA testing services.