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Orchid's Q2 Revenue Slides 14 Percent on Lower Forensic Demand

NEW YORK (GenomeWeb News) – Orchid Cellmark today reported a 14-percent decline in revenues amid mounting losses for the second quarter.
Total revenues for the second quarter fell to $13.6 million from $15.8 million in the year-ago period. Orchid said that the decline in revenues was largely due to lower US government paternity and forensic casework and lower overall UK forensic service revenues.
The company said the decline was partially offset by service revenues for providing DNA profiles to upload into the Federal Bureau of Investigation’s Combined DNA Index System and similar state databases, as well as UK paternity services.
Orchid spent about $320,000 on R&D in the second quarter, a slight decrease from $410,000 one year ago.
The company reported a net loss of $4.2 million in the quarter compared to a net loss of about $200,000 in the same quarter one year ago. Last year's loss included a non-cash gain of $1.6 million associated with the receipt of treasury stock the company received in a settlement of escrow claims related to its 2001 acquisition of Lifecodes.
AS of June 30, the company had $11.5 million in cash and cash equivalents.

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