NEW YORK (GenomeWeb News) – Source BioScience this week reported that its full-year 2009 revenues grew 11 percent and the firm swung to a profit from a loss year over year.
The UK-based provider of diagnostic and life science research tools and services said that its full-year 2009 revenues were £12.7 million ($18.9 million) compared to £11.5 million for 2008.
Revenues for its Life Science Research division increased 7 percent to £4.9 million, with "significant growth" from its DNA sequencing services. Its Pharma Biotech Services division had 60 percent revenue growth to £900,000. Its Healthcare division, which includes cytology and other diagnostic and molecular diagnostic screening services, had revenues of £6.9 million, up 9 percent year over year.
Source BioScience's profit for the year was £267,000 compared to a net loss of £227,000 for 2008.
The firm's cash balance at the end of the year was £7 million.