NEW YORK, July 26 – Celera Genomics on Thursday posted fiscal fourth-quarter revenues of $27.4 million, compared with $15 million in the year ago period.
For the year, the company’s revenues more than doubled, reaching $89.4 million, compared with $42.7 million in fiscal year 2000. Celera attributed the increase to a host of new subscriptions to its Celera Discovery Systems as well as to a number of collaborations and service agreements.
"This year, Celera surpassed its goal of doubling revenue. Just as importantly, the group aggressively embarked on its next phase by implementing new technology platforms which are critical to its internal discovery efforts," Tony White, CEO of Celera’s parent company, Applera, said in a statement.
"Celera's goals include the discovery and development of new therapeutics, and contribution to the development of revolutionary life science products by its collaborators, on-line subscribers, and Celera Diagnostics,” he said.
Celera is currently in the process of laying the foundation to begin developing therapeutics and diagnostics through its Celera Diagnostics business unit.
"We are focused on two core objectives," emphasized Craig Venter, Celera’s president and chief scientific officer. "Building a therapeutics discovery program and developing the online business.”
In working towards those goals “our efforts were enhanced by the progress our research group made in sourcing biological samples and the development of proprietary protein separation and fractionation technologies," said Venter, noting that over the last quarter the company began focusing on pancreatic and lung cancer.
Venter also said that he expected the Celera Discovery System business to become profitable during the upcoming year. Celera now has over 50 subscription and service agreements for CDS, compared with 12 at the end of the last fiscal year. How Celera will approach pharmaceutical clients may change, however, over the next year, according to Venter.
“As we are using [databases] to drive our own pharmaceutical development, we are reapproaching how we’re going to be interacting with pharmaceutical companies directly, but we see continued growth in the biotech and academic areas,” said Venter.
Celera noted that Paracel, a provider of high-performance analysis systems it acquired in 2000, had “substantially lower than originally anticipated performance,” resulting in a $69.1 million charge in the quarter.
Research and development expenses rose to $56 million in the quarter, compared with $50.3 million a year ago.
For the quarter, Celera posted a net loss of $101.7 million, or $1.66 a share, compared with a net loss of $24.9 million, or 43 cents a share, in the year ago period.
For fiscal year 2001 Celera reported a net loss of $186.2 million, or $3.07 per share, including the first expenses from Celera's equity interest in Celera Diagnostics, compared with $92.7 million, or $1.73 per share for the previous fiscal year. The quarterly results include a non-cash charge for the impairment of goodwill and other intangible assets related to Paracel.
Not including the charge, Celera would have posted a net loss of $119.0 million, or $1.96 per share.