NEW YORK (GenomeWeb) – GeneNews yesterday after the close of the market reported a sharp increase year over year in its fourth quarter revenues.
For the three months ended Dec. 31, 2014, GeneNews' total revenues jumped to C$701,000 (US$555,844) from C$37,000 in the prior-year period.
The firm attributed the growth in revenue to a 50 percent increase in ColonSentry test volume in the second half of the fiscal year. The firm's jointly owned US Innovative Diagnostic Laboratory processed 14,387 ColonSentry tests in Q4 2014. The firm has a 33 percent share in the joint venture.
Total loss for the quarter dropped to C$2.3 million, or C$.04 per share, from a loss of C$2.5 million, or C$.07 per share, in Q4 2013.
GeneNews reported no R&D spending for the quarter compared to R&D costs of $107,000 in Q4 2013. The firm's SG&A costs rose 56 percent in Q4 2014 to C$1.6 million from C$704,000 in Q4 2013.
Revenues for full-year 2014 jumped to C$2.5 million from C$132,000 on higher test volume.
The firm's net loss for the year was C$7.6 million, or C$.16 per share, compared to C$9.3 million, or C$.31 per share, in 2013. The decrease in net loss was primarily due to the jump in revenues, the elimination of research and development spending, and the non-recurring nature of restructuring and related costs that were recorded in 2013, and decreases in sales and marketing expenses, the firm said in a statement.
The firm did not report any R&D costs in 2014, but reported costs of C$1.7 million for such activities in 2013. Its SG&A spending increased 26 percent year over year to C$4.9 million from C$3.9 million.
GeneNews ended the year with C$2.7 million in cash and cash equivalents.