NEW YORK, April 5 - InforMax today said that a dearth of bookings for its GenoMax technology has contributed to significantly weaker first-quarter results that include lower revenue and a wider net loss.
The company said that revenue for the quarter ended March 31 will be $3.7 million, a 44 percent drop from the $6.6 million it reported during the same period one year ago. Total bookings, meanwhile, fell off 45 percent to $3.9 million.
Informax said it now expects a loss of $6.9 million, or $.27 to $.28 a share, excluding noncash charges related to stock-based compensation and a $775,000 charge tied to reducing its workforce and other restructuring steps.
The increasing loss, which the company also pinned on "delayed and deferred purchase decisions by potential customers," is significant: In February, InforMax said it expected a loss of $.20 to $.22 per share before items. Analysts were banking on a loss of $.21 per share.
The company ended the year with $57 million in cash on hand, it said.
"We're disappointed with the results of the first quarter, particularly since ... it's not the best thing to have to make these kinds of announcements just a few days into the new role," Andrew Whiteley, InforMax's new CEO said in a conference call.
Whiteley, asked if the company would welcome merger or acquisition overtures, responded brusquely: "I'm four days into the job as CEO and it was certainly not my intention to join the company to oversee some sort of strategic change. We're here to put forward a strategic product-base strategy that will take the company forward to profitability."
But he added: "Obviously, we are an attractive company. We have assets and we have sales in a marketplace that is set to grow and improve over the next few years, and obviously the board will continue to look at any offers or propositions that come forward."
Whiteley moved into the CEO suite on April 1, replacing Alex Titomirov, InforMax's founder.
The company said it will announce its strategy for the current and future quarters during a formal first-quarter conference call scheduled to take place in May.