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Strategic Diagnostics' Revenues Slip as Charges Hit Bottom Line

NEW YORK (GenomeWeb News) – Strategic Diagnostics reported after the close of the market on Thursday that its fourth-quarter revenues fell 4 percent and the firm swung from a profit to a loss due to previously announced charges.

The Newark, Del.-based antibody and assay developer brought in revenues of $7 million for the three-month period ended Dec. 31, compared to revenues of $7.3 million for the fourth quarter of 2007. It said that revenues were aided by a 260 percent increase in sales of its Genomic Antibody Technology products, but that was offset by declines in its food pathogen and water and environmental products business.

Strategic Dx's net loss for the quarter was $12.5 million, or $.62 per share, compared to a profit of $166,000, or $.01 per share, for the fourth quarter of 2007.

The firm said last week that it expected to take a non-cash after-tax charge to its fourth-quarter earnings of $11.5 million to $13 million for impairment of goodwill and recordation of a valuation allowance against deferred tax assets. The total amount listed in the Q4 report was $13.8 million.

Strategic Dx's R&D expenses were roughly flat with Q4 2007 at $746,000, while its SG&A spending increased 9 percent to $3.6 million from $3.3 million.

For full-year 2008, Strategic Dx had revenues of $27.7 million, a 2 percent increase over 2007 revenues of $27.2 million.

The firm posted a net loss of $15.8 million, or $.78 per share, compared to net income of $860,000, or $.04 per share, for full-year 2007.

Strategic Dx's R&D expenses for the year grew 24 percent to $3.6 million from $2.9 million, and its SG&A spending increased 20 percent to $14.4 million from $12 million.

Strategic Dx finished the year with $10 million in cash and cash equivalents.

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