NEW YORK (GenomeWeb) – Danish life sciences and diagnostics firm Exiqon today announced flat year over year revenues for the first quarter.
For the three months ended March 30, Exiqon reported total revenues of DKK 39 million ($5.9 million). Product revenue increased 7 percent on a currency neutral basis to DKK 30.1 million, while service revenue tumbled 31 percent on a currency neutral basis to DKK 4.6 million, due to market fluctuations. License and grant revenues also remained flat at DKK 4.4 million.
"Given a quarter shortened by the Easter Holidays, we deliver[ed] a solid first quarter 2016 in line with last year's record first quarter revenues," Exiqon CEO Lars Kongsbak said in a statement, who also noted that the quarter was impacted by costs associated with a proposed $100 million takeover bid by Qiagen submitted just before the end of the quarter. If accepted by shareholders, Exiqon said the takeover would result in extraordinary costs of approximately DKK 25 million to DKK 30 million.
The firm posted a net loss of DDK 2.1 million, or DKK .06 per share, compared to break-even a year ago.
The firm's R&D spending fell 3 percent to DKK 8.1 million from DKK 8.3 million in Q1 2015, while SG&A spending fell 1 percent to DKK 16.5 million from DKK 16.7 million.
Exiqon ended the quarter with DKK 32.6 million in cash and cash equivalents.
The firm maintained full year 2016 revenue guidance between DKK 180 million and DKK 185 million, based on an average US dollar to Danish krone exchange rate between DKK 6.75 and DKK 7.00.