NEW YORK (GenomeWeb News) – Strategic Diagnostics yesterday reported first-quarter revenue growth of 8 percent and swung from a profit to a slight loss.
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For the three-month period ended March 31, the Newark, Del.-based firm reported revenues of $7.2 million, up from $6.6 million in the first quarter of 2007. The firm said that primary growth drivers for the quarter were its food pathogen product sales, which climbed 36 percent year over year, and its antibody products, which increased 15 percent.
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Strategic Diagnostics posted a net loss of $12,000, or $.00 per share, versus a profit of $490,000, or $.02 per share, for the first quarter of 2007.
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The firm’s R&D expenses rose 35 percent to $940,000 from $697,000 year over year, while its SG&A costs increased 18.5 percent to $3.2 million from $2.7 million.
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Strategic Diagnostics finished the quarter with $12.5 million in cash and cash equivalents.