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Exiqon Q4 Revenues Jump 36 Percent

NEW YORK (GenomeWeb) - Exiqon reported today a 36 percent increase in its fourth quarter revenues year over year, driven by an increase in sales for products and services.

For the three months ended Dec. 31, 2015, the firm brought in DKK46.6 million ($7.0 million), up from DKK34.4 million a year ago.

"We are excited to have reached the important milestone of full-year profitability in 2015 and secured continued strong revenue growth driven by products and service sales," Exiqon CEO Lars Kongsbak said in a statement. "We continue to make progress in our diagnostic programs and expect to publish important validation results from our prostate cancer programs during Q3 2016."

Life sciences revenues grew 36 percent to DKK45.7 million while diagnostics revenues grew 25 percent to DKK876,000.

The firm did not provide quarterly R&D spending figures or a figure for total operating costs, but said Q4 2015 SG&A costs grew 10 percent to DKK18.6 million.

Its net profit for the quarter was DKK5.2 million, or DKK.14 per share, in Q4 2015, compared to a loss of DKK 3.6 million, or DKK.10 per share, in Q4 2014.

Full-year revenues for 2015 were DKK162.0 million, up 22 percent from DKK132.4 million in 2014. Products and services sales, excluding the OEM business, rose to DKK103.8 million from DKK82.6 million, driven by a 23 percent increase in organic growth in services sales to DKK25.2 million from DKK20.5 million, Exiqon said.

Exiqon's R&D spending for 2015 was DKK32.4 million, a 23 percent jump from DKK26.3 million in 2014. The firm's SG&A spending increased 12 percent to DKK65.4 million, up from DKK58.1 million a year ago. Both R&D and SG&A cost increases were driven by new hires, the firm said in a statement.

Exiqon posted a net profit for the year of DKK5.9 million, or DKK.16 per share, compared to a net loss of DKK 2.8 million, or DKK.08 per share, in 2014.

The firm ended the year with DKK56.2 million in cash and cash equivalents.

Exiqon said it expects total revenue in 2016 of between DKK180 million and DKK185 million.

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