NEW YORK (GenomeWeb News) - Nanogen yesterday said first-quarter revenues increased 120 percent as R&D spending ticked up 4 percent and its net loss decreased by just over one percent.
Total receipts for the three months ended March 31, 2007, increased to $9.7 million from $4.4 million year over year.
The company said product-related revenue nearly tripled to $6.1 million from $2.1 million, and income from licensing and royalties dipped 33 percent to $1.2 million from $1.8 million. Revenue from contracts and grants rose more than five-and-a-half-fold to $2.3 million from $416,000.
Nanogen CEO Howard Birndorf said in a statement that the revenue growth reflects the company's strategy of expanding its product line and the increasing acceptance of its products in the personalized medicine market.
R&D spending rose to $6.5 million from $6.3 million year over year.
The company said its net loss declined to $11.8 million from $12 million in the year-ago period.
Nanogen had around $8.81 million in cash and equivalents and $12.4 million in short-term investments as of March 31.
The company said it expects revenue to grow more than 50 percent for the full year 2007 compared with 2006, when it posted $26.9 million in revenue.