NEW YORK (GenomeWeb) – Horizon Discovery reported on Tuesday that its preliminary 2017 revenues rose 52 percent year over year, thanks largely to a 101 percent increase in product revenues.
For the 12 months ended Dec. 31, the gene editing firm said revenues rose to £36.5 million ($49.2 million) from £24.1 million in 2016. Organic revenues excluding the acquisition of Dharmacon increased 14 percent to £27.5 million.
Product revenues rose to £22.8 million while services revenues increased 7 percent to £13.7 million.
Horizon's loss for 2017 narrowed to £9.7 million, or 8.4 pence per share, from £11.4 million, or 12.1 pence per share, in 2016.
The firm ended the year with £28.1 million in cash and cash equivalents.
"2017 was a transformational year for the group with the acquisition of Dharmacon, which is already performing well with more value enhancement synergies becoming apparent every day; an over-subscribed £80 million fundraising; the deepening of our core gene editing capabilities; the strengthening of our commercial operations; and the rationalization of internal operations, such that the business is fit to scale," Horizon's newly appointed CEO Terry Pizzie said in a statement.
"These activities have significantly enhanced the group's operations and Horizon Discovery is now a global leader in the gene editing and gene modulation market and has the technical and commercial platforms in place to deliver significant value for shareholders," Pizzie added.
Horizon recently rejected a takeover offer from UK-based life science reagents and tools company Abcam, which had valued the company at approximately £270 million. Abcam announced its intention to continue talks with Horizon, though Horizon said today that Abcam's offer "fundamentally undervalues Horizon" and that it sees "little strategic merit in the proposed combination."