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Orchid's Q1 Sales Rise 12 Percent as Losses Slide 75 Percent on Reorg

NEW YORK (GenomeWeb News) — Orchid Cellmark today said first-quarter revenue rose 12 percent, R&D spending inched up a hair, and losses receded 75 percent.
Total receipts for the three months ended March 31 increased to $14.1 million from $12.6 million year over year due mostly to an increase in forensic casework in the US and UK.
However, those gains were offset in part by a decrease in testing services to the Federal Bureau of Investigation.
R&D spending increased slightly to $279,000 from $278,000 year over year.
Losses in the quarter declined to $1.7 million $6.6 million year over year, due in part to rising gross margin and trimmed expenses that resulted from a reorganization the company implemented last year, Orchid said.
Orchid said it had around $23.9 million in cash and equivalents as of March 31.
Orchid CEO Thomas Bologna said the company is currently “in a good position to take advantage of strategic opportunities for growth.” He did not elaborate.