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Summertime: Stocks are Diving and Investors Are Queasy

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by Adrienne Burke

In a climate of intense accounting scrutiny and economic doom and gloom, two GTI companies, Genomic Solutions and InforMax, received deficiency notices from NASDAQ for failing to keep share prices above $1 for 30 consecutive days. Share prices for many GTI companies, shown on the charts here, read like death knells, and GTI companies’ quarterly earnings reports didn’t offer much relief this summer. Most companies reported worse losses per share than they had for the period a year ago. One bright spot is that of 24 companies reporting, 15 reported increases in quarterly revenues over the same period last year. This month we let a roundup of earnings summaries announced during the week GT went to press speak for the sector:

ABI reports Q4 revenue increase of three percent, and net income for the quarter of $.18 per share, down from $.22 per share in the year-ago period.

Aclara reports a 20 percent decline in revenues, period over period, and net losses per share of $.27, triple the net losses per share in the same period last year.

Affymetrix’s revenues improve 42 percent over the same quarter last year, and its net loss per share decreased from $.16 to $.03 for Q2 2002.

Bruker Daltonics reports an increase in Q2 revenue against net losses for the quarter of $.08 per share, compared to a gain of $.02 per share in the year-ago quarter.

Caliper reports an increase in Q2 revenue, and $.42 per share net loss (compared to $.26 per share loss same quarter last year).

Celera reports an increase in revenues over the same period last year of 2.5 percent, and net losses down to $.42 per share from $1.66 per share in the year-ago period.

Cepheid reports a 60 percent hike in quarterly revenues over the same period last year, but worsened net losses of $.21 per share, versus $.16 per share last year.

Ciphergen reports that Q2 revenues more than doubled to $8.7 million over the same period a year ago, and net losses increased to $.27 per share from $.22 in Q2 2001.

Compugen’s revenues are down three percent from the same quarter last year, and net losses are at $.11 per share, versus $.15 per share over the same period last year.

Gene Logic reports a steep hike in revenue and halved net losses for the first quarter of 2002; revenues are up 46 percent from the previous year’s quarter, and net losses are $.16 per share, better than the $.36 per share in 2001.

Illumina reports that revenues quadrupled from the same period last year, but reports losses of $.54 per share compared to losses of $.20 per share last year.

InforMax reports a 50 percent fall in total second-quarter revenue atop net losses of $.26 per share, from $.17 per share in the second quarter 2001.

Invitrogen reports revenues increased by three percent for the quarter and income of $.15 per share compared to a net loss of $.67 per share a year ago.

Lexicon reports Q2 revenues nearly triple those of the year-ago quarter, but increased net losses of $.29 per share, compared to $.20 per share.

Lion reports revenues down 15 percent from the previous year’s quarter, and net losses of Euro.97 as opposed to Ý.60 per share same quarter last year.

Luminex reports a 30 percent decline in revenues and net losses of $.21 per share, compared to losses of $.15 per share in Q2 2001.

Lynx reports a 34 percent decline in revenues for the quarter from the same quarter last year, and a net loss of $5.5 million, up from $4.6 million in the previous year’s quarter.

Orchid reports a 145 percent surge in Q2 revenues, and a net loss of $.22 per share, improved from a $.41 per share loss last year.

Pyrosequencing reports a 33 percent decline in revenues for the quarter compared to the same quarter last year, and net losses of $.16 per share, compared to $.11 per share for Q2 2001.

Qiagen reports a 10 percent increase in sales and a net income of $.05 per diluted share, down from $.08 per diluted share same quarter last year.

Sequenom reports a two percent increase in revenues period over period, and a net loss per share of $.39, compared to $.36 per share in the same period last year.

Transgenomic reports a one percent decline in sales for the quarter and a net loss per share of $.17, compared to a net loss per share of $.07 for the period last year.

Variagenics reports a 77 percent decline in revenues for the quarter over the previous year’s quarter, and net losses per share of $.42 versus a loss of $.24 per share for the same period last year.

Visible Genetics reports a 17 percent increase in sales over the same period last year and a net loss per share of $.62, up only slightly from the year-ago period.

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