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Orchid Says Surge in Service Receipts Drove Q2 Revenue Growth

NEW YORK, Aug. 8 - Orchid Biosciences today reported a surge in total second-quarter revenues atop decreased R&D spending and a widened net loss.


For the period ended June 30, Orchid said that total revenues increased to $16.4 million from $6.7 million in the same quarter one year ago. The dramatic increase was primarily due to strong SNP and identity-genomics services, which grew in the current second quarter to $13.5 million from $4.4 million one year ago, the company said.


Revenue from product sales also increased to $2.3 million from $1.2 million in the second quarter 2001, while receipts from collaborations and licenses in the second quarter fell to $624,000 from $1 million, according to Orchid.


The company said it spent $6.2 million on R&D in the current second quarter, a decrease from the $9.2 million it posted in the same period 2001.


Net loss shrank to $12 million, or $.22 per share, from $14 million, or $.41 per share, in the year-ago period, Orchid said.


The company reported having about $24 million in cash, cash equivalents, and short-term investments and restricted cash as of June 30.


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