Skip to main content
Premium Trial:

Request an Annual Quote

Orchid s Q3 Revenues Drop Slightly as Losses Shrink

NEW YORK, Nov. 11 (GenomeWeb News) - Orchid Biosciences reported a slight drop in revenues for the quarter ended Sept. 30, accompanied by shrinking R&D expenses and net losses.

The company's total quarterly revenues of $11.8 million were down from its third-quarter 2002 revenues of $13.3 million, which included $886,000 in revenues from the Life Sciences product business it sold in December 2002.

In a statement, Orchid said that "continued delays in the release of US federal National Institute of Justice funds to the states for forensic testing by private laboratories" had a negative impact on its third-quarter service revenues because "state and local governments have delayed issuing new contracts in anticipation of the expected new funding."

Despite the delay, Orchid is expecting total annual top-line revenues of approximately $50 million for 2003.

The company reported $552,000 in R&D expenses for the third quarter of 2003, down from $6.8 million in the year-ago period. Orchid attributed the drop in R&D spending to the divestiture of its SNP genotyping instrumentation business and the strategic realignment of the Orchid GeneShield business, "both of which were responsible for the majority of the research and development expenses in prior years," the company said in a statement.

Orchid's net losses also decreased year-over-year as a result of its restructuring, to $3.8 million for the third quarter of 2003 compared to $22.3 million in the third quarter of 2002.

As of Sept. 30, 2003, Orchid held cash and cash equivalents of $10.8 million.

The Scan

WHO Seeks Booster Pause

According to CNN, the World Health Organization is calling for a moratorium on administering SARS-CoV-2 vaccine boosters until more of the world has received initial doses.

For Those Long Legs

With its genome sequence and subsequent RNAi analyses, researchers have examined the genes that give long legs to daddy longlegs, New Scientist says.

September Plans

The New York Times reports that the US Food and Drug Administration is aiming for early September for full approval of the Pfizer-BioNTech SARS-CoV-2 vaccine.

Nucleic Acids Research Papers on Targeting DNA Damage Response, TSMiner, VarSAn

In Nucleic Acids Research this week: genetic changes affecting DNA damage response inhibitor response, "time-series miner" approach, and more.