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Strategic Diagnostics Posts 5 Percent Revenue Growth for Q3

NEW YORK (GenomeWeb News) – Strategic Diagnostics reported after the close of the market yesterday that its third-quarter revenues increased around 5 percent to $6.9 million from $6.6 million.
 
The Newark, Del.-based antibody and proteomics research products firm said that its third-quarter revenues were positively impacted by a 38 percent increase in sales of food pathogen products, a 14 percent increase in sales of water and environmental products, and a 191 percent rise in genomic antibody technology sales.
 
These increases were offset by an 8 percent decline in antibody revenues. The firm noted that the antibody business was adversely affected by decreased orders of bulk and monoclonal antibodies by customers who had accumulated excess inventories.
 
Strategic Diagnostics posted a net loss of $2.2 million, or $.11 per share, for the three-month period ended Sept. 30. For the comparable period of 2007, Strategic Diagnostics had no profit or loss and reported EPS of $.00.
 
The firm’s R&D expenses increased 34 percent to $969,000 from $723,000 year over year, and its SG&A expenses rose around 21 percent to $3.5 million from $2.9 million.
 
Strategic Diagnostics finished the quarter with cash and cash equivalents of $11.2 million.

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