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Steady Losses, Strong Sales for Visible Genetics in Q2

NEW YORK, Aug. 8-Visible Genetics today reported a boost in sales and nearly steady losses for the second quarter of 2002.

 

Net losses for the quarter totaled $11.8 million or $0.62 per share, up slightly from the company's $10.2 million or $0.62 per share loss in the equivalent period last year.

 

Visible Genetics reported sales for the quarter of $4.7 million, up from $3.9 million from the same period in 2001. Sales of genotyping kits and consumables for the first half of 2002 were up sharply, while service revenues declined markedly.

 

As of June 30, 2002, the company held $1.2 million in cash and cash equivalents, and $30 million in short-term investments.

 

The company was bought by Bayer Diagnosticsin late July, and expects to complete the transaction in the fall pending shareholder approval.