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Visible Genetics Q1 Revenues Dip as Service Revenues Drop

NEW YORK, May 10 – Visible Genetics of Toronto said Thursday its first quarter revenues slipped slightly to $3.57 million, compared with $3.64 million in the year ago period, as an increase in product sales failed to offset a sharp drop in revenues from services.

During the quarter, however, the clinical genomics company said sales of its genotyping kits and consumables rose 85 percent from the year ago quarter. The company did not offer a dollar figure for sales of these products.

The company’s expenses rose across the board, totaling $11 million in the first quarter, compared with $7.5 million in the year ago quarter, as the company expanded its staff, developed its facility in Atlanta, and closed its Pittsburgh operations.

The company reported a net loss to common shareholders of $9.4 million, or 58 cents a share, compared with $6.7 million, or 55 cents a share, a year ago.

Visible Genetics manufactures and markets automated DNA sequencing systems and kits designed to analyze genes linked to disease. The company’s products include OpenGene that uses a single-step, bi-directional sequencing method designed to lower the time and cost of finding clinically relevant genetic information, and TRUGENE, an HIV-1 Genotyping Test. Both products are currently being reviewed by the FDA.

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