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Exiqon Revenues Climb 20 Percent in Q1

NEW YORK (GenomeWeb) – Exiqon today reported a 20 percent increase year over year in its first quarter revenues.

For the three months ended March 31, 2015, Exiqon's total revenues increased to DKK 39.0 million ($5.9 million) from DKK 32.5 million in the prior-year period, and the firm noted that it was its "best quarter ever."

Sales for the firm's Research business grew 24 percent year over year to DKK 31 million from DKK 24.9 million a year ago, driven by a 70 percent increase in RNA services sales to DKK 6.6 million from DKK 3.8 million in 2014, the firm said. Product sales increased 16 percent to DKK 24.4 million from DKK 21 million.

European research product sales and services grew 29 percent to DKK 14.4 million, compared to DKK 11.2 million in Q1 2014. Sales and services in North America grew 33 percent to DKK 11.9 million, up from DKK 8.9 million a year ago, and sales in the rest of the world decreased 2 percent to DKK 4.7 million.

The company posted a profit of DKK 29,000, or DKK .00 per share, compared to a profit of DKK 793,000, or DKK .02 per share, in Q1 2014. Exiqon's net profit was negatively affected by a lower provision for tax refund in 2015, the firm said.

Exiqon's R&D spending rose 24 percent year over year to DKK 8.3 million from DKK 6.7 million, while SG&A spending rose 12 percent to DKK 16.7 million from DKK 14.9 million a year ago.

Exiqon ended the quarter with DKK 20.9 million in cash and cash equivalents.

Exiqon reiterated its full-year 2015 guidance for revenues between DKK 150 million and DKK 160 million and EBITDA of 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.