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Exiqon Q2 Revenues Rise 24 Percent on Growth in RNA Service Business

NEW YORK (GenomeWeb) - Exiqon today reported a 24 percent increase year over year in its second quarter revenues.

For the three months ended June 30, Exiqon's total revenues increased to DKK 38 million ($5.8 million) from DKK 30.7 million in the prior-year period.

"We continue to deliver high growth, increased innovation, and profitability," Exiqon CEO Lars Kongsbak said in a statement.

Sales for the firm's Research business grew 24 percent year over year to DKK 30.7 million from DKK 24.9 million a year ago, driven by a 59 percent increase in RNA services sales to DKK 5.9 million from DKK 3.7 million in 2014, the firm said. Product sales increased 17 percent to DKK 24.8 million up from DKK 21.1 million. Other income decreased 13 percent to DKK 3.1 million from DKK 3.5 million.

European revenues grew 3 percent to DKK 18.5 million, compared to DKK 18 million in Q2 2014. Meanwhile revenues in North America grew 52 percent to DKK 15.4 million, up from DKK 10.2 million a year ago, and revenues in the rest of the world increased 61 percent to DKK 4.1 million.

The Danish company posted a profit of DKK 15,000, or breakeven on a per share basis, compared to a loss of DKK 1.2 million, or DKK .03 per share, in Q2 2014.

Exiqon's R&D spending rose 20 percent year over year to DKK 7.7 million from DKK 6.5 million, while SG&A spending rose 7 percent to DKK 16.3 million from DKK 15.3 million a year ago.

Exiqon ended the quarter with DKK 21.4 million in cash and cash equivalents.

The firm raised its full-year 2015 guidance for revenues to between DKK 155 million and DKK 160 million, up from between DKK $150 million and DKK 160 million. It also increased its guidance for EBITDA to DKK 10 million, up from between DKK 5 million to DKK 10 million. The outlook for 2015 is based on an average exchange rate of $1 to DKK 6.50, the firm said.