NEW YORK (GenomeWeb News) – Source BioScience today reported that its first-half 2008 revenues increased 88 percent, with a large portion of that growth coming from recent acquisitions.
The Nottingham, UK-based genomics and diagnostics services firm brought in revenues of £5.9 million ($10.8 million) for the six-month period ended June 30, compared to revenues of £3.1 million for the first half of 2007. SBS said that of the £2.8 million in revenue growth £2.4 million came from its new Life Science Research division, which includes the acquired businesses of Geneservice and Autogen Bioclear.
SBS, formerly called Medical Solutions, purchased Geneservice last year for £3.9 million. It acquired Autogen Bioclear for up to £5.9 million during the first half of 2008.
The firm said that sales of gene sequencing, genotyping, and genomic reagents grew 26 percent year over year to £1.6 million, due to the rapid integration of Geneservice “and cross-selling opportunities being identified and exploited.”
SBS posted a loss of £181,000, or £.09 per share, compared to a loss of £304,000, or £.15 per share, for the first half of 2007.
The company’s administrative expenses increased 40 percent to £2.1 million from £1.5 million, while its R&D expenses increased to £109,000 from £61,000.
SBS finished the first half of the year with £8.3 million in cash and cash equivalents.