NEW YORK, April 24 - Pyrosequencing of Uppsala, Sweden reported a 21 percent increase in first-quarter revenues today, amid slightly narrowed losses.
The company's revenues for the quarter ended March 31 totaled 24.2 million Swedish Kronor ($2.9 million), compared to 20.0 million Kronor ($2.4 million) for the first quarter of last year. The company said its revenues would have increased further, excluding currency effects.
Pyrosequencing's net losses totaled 30.0 million Kronor ($3.6 million) compared to 32.2 million ($3.9 million) for the first quarter of last year.
As of March 31, Pyrosequencing had 136.7 million Kronor in cash and short-term investments, compared to 97.3 million at the end of 2002. The increase came from a shift to cash and short-term investments of other marketable securities - which totaled 292.3 million Kronor at the end of March, and 374.4 million Kronor at the end of December.