NEW YORK (GenomeWeb News) — Strategic Diagnostics today said third-quarter revenues were flat as R&D spending rose 9 percent and profit fell around 70 percent.
Total receipts for the three months ended Sept. 30 dipped slightly to $6.56 million from $6.62 million year over year.
The company said antibody revenues rose 15.2 percent over the quarter from $3.1 million to $3.6 million, and accounted for nearly 55 percent of total revenue. Strategic Diagnostics' food pathogen detection sales rose 22.6 percent to $1.1 million.
These revenue gains were offset by a nearly 50 percent drop in sales from the company's legacy US Ag/GMO business year-over-year.
Strategic Diagnostics’ R&D spending rose to $723,000 from $666,000 million year over year.
The company said third-quarter profit shrank to $100,000 from $332,000 in the year-ago period.
Strategic Diagnostics finished the quarter with around $11.9 million in cash and cash equivalents.
The company did not offer revenue predictions for full-year 2007.