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Visible Genetics Sees Increased Sales, Widened Loss in Q4

NEW YORK, Feb.21 - Visible Genetics on Thursday reported a modest increase in revenue and net loss in the fourth quarter as a bump in the sale of its consumables and sequencing systems balanced greater R&D spending.

 

In the period ended Dec. 31, Visible Genetics said sales reached $3.2 million compared with $3.0 million one year ago. The changes was helped along by sales of the company's GeneKit tools and consumables, which reached $2.6 million in the quarter compared with $2.4 million year over year. Sales of its sequencing systems remained flat at $600,000, Visible Genetics said.

 

R&D spending in the quarter inched up to $2.9 million from $2.7 in the year-ago period. Net loss came in at $11.9 million, or $.71 per share, compared with $10.4 million, or $.65 per shares year over year, the company said.

 

Visible Genetics also reported that cash and short-term investments as of Dec. 31 was $53.2 million, a significant drop from the $80.4 million it had one year ago.

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