NEW YORK (GenomeWeb) – Interleukin Genetics today reported that its first quarter revenues fell 17 percent year over year on lower genetic testing service revenue.
The Waltham, Massachusetts-based genetic testing firm reported total revenues of $403,212 for the three months ended March 31 compared to $487,566 for the first quarter of 2014. Its genetic testing service revenue declined to $347,900 from $420,333 year over year, which the firm attributed to a decrease in genetic test kits returned for processing from a promotional product bundle program.
The firm's "other" revenue was $55,312 for the quarter, down from $67,233 in Q1 2014.
Interleukin posted a net loss of $1.8 million, or $.01 per share, for Q1 2015, compared to a loss of $1.7 million, or $.01 per share, for the first quarter of 2014.
Its R&D spending fell to $182,530 from $209,176 year over year, while its SG&A expenses were slightly higher at $1.6 million versus $1.5 million.
"Interleukin Genetics' highest priority in the coming months is to maximize the commercial potential of PerioPredict, our genetics-based risk assessment test for severe periodontitis," Interleukin CEO Mark Carbeau said in a statement, adding that the firm's recent alliance with Employee Benefit Consulting Group is a "key element of our strategy."
Carbeau was named the new CEO of Interleukin last month.
Interleukin finished the quarter with $9.6 million in cash and cash equivalents, which it said was enough to fund operations for at least the next 12 months.