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Exiqon Q4 Revenues Up 20 Percent

NEW YORK (GenomeWeb) – Exiqon reported today a 20 percent increase in its fourth quarter revenues year over year, driven by record sales in products and services.

For the three months ended Dec. 31, 2014, total revenues came in at DKK34.4 million ($5.2 million), up from DKK28.7 million a year ago. The company said that products and services sales, excluding the original equipment manufacturing business, increased to DKK27 million from DKK22 million a year ago.

Net loss for the quarter was DKK3.6 million, or DKK.10 per share, up from DKK3.2 million, or DKK.09 per share, in Q4 2013.

Full-year revenues were DKK132.4 million, up 7 percent from DKK123.6 million in 2013. Products and services sales, excluding the OEM business, rose to DKK102.8 million from DKK96.7 million, driven by a 32 percent increase in organic growth in services sales to DKK20.5 million from DKK15.5 million, Exiqon said.

Operating costs for 2014 were DKK88.3 million, an increase of 5 percent from DKK84.2 million in 2013, driven by an 8 percent increase in R&D costs to DKK 26.3 million from DKK24.2 million a year ago.

Exiqon posted a net loss for the year of DKK 2.8 million, or DKK.08 per share, compared to a net loss of DKK 10.7 million, or DKK.29 per share, in 2013.

"We are excited to have reached the important milestone of full year profitability measured on [earnings before interest, taxes, depreciation, and amortization] in 2014, and the prospect of capturing new market opportunities and returning to double-digit growth in 2015," Exiqon CEO Lars Kongsbak said in a statement. "We continue to make important progress in our diagnostic programs, particularly within prostate cancer."

The firm ended the year with DKK20.1 million in cash and cash equivalents.

Exiqon said it expects total revenue in 2015 of between DKK150 million and DKK160 million, based on an exchange rate of $1 to DKK6.50