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Arrayit Q1 Revenues Jump 15 Percent on Microarray Instrument Sales

NEW YORK (GenomeWeb) – Arrayit today reported a 15 percent spike in first quarter sales driven by sales of microarray instruments.

Total revenues for the three months ended March 31 were $1.1 million up from $942,916 in the first quarter of 2013.

On an earnings call President Mark Schena attributed the growth to increased customer demand for the Sunnyvale, Calif.-based company's microarray products. During the quarter, Arrayit shipped three NanoPrint microarray printers, five SpotBot microarray printers, and a Colorimetric microarray platform, Schena said.

The company had net income of $37,620 for the quarter, down from net income of $235,478 in the prior-year period.

Its SG&A costs nearly tripled to $653,876 from $250,520 in the prior year period. Schena attributed the increase to staff hires, advertising and trade show promotions, increases in rent and utilities, and consulting and other fees associated with preparing a US Food and Drug Administration submission for the firm's OvaDx test for early-stage diagnosis and monitoring of ovarian cancer. Arrayit last year partnered with the Diagnostic Oncology Research Organization to aid it in obtaining clearance for OvaDx and other molecular diagnostics in its pipeline.

Arrayit reported $6,949 in R&D costs in Q1 2014, compared to no R&D costs in the first quarter of 2013.

The firm ended the quarter with $220,951 in cash.