NEW YORK (GenomeWeb) – Interleukin Genetics reported a 14 percent increase in total revenues year-over-year for the fourth quarter of fiscal year 2015.
For the three months ended Dec. 31, the Waltham, Massachusetts-based diagnostics firm said revenues increased to $365,648, up from $322,005 a year ago.
"We focused on developing and executing a significantly updated strategic and operational plan centered on the medical value of our genetic test, PerioPredict," Interleukin CEO Mark Carbeau said in a statement.
Interleukin's Q4 net loss widened to $1.9 million, or $.01 per share, compared to $1.6 million or $.01 per share in Q4 2014.
The firm's R&D spending rose 82 percent to $320,571 up from $176,264 in the prior-year period while SG&A spending fell 14 percent to $1.2 million from $1.4 million in Q4 2014. The company attributed the rise in R&D spending and the dip in SG&A expenses to a greater compensation expense related to President and CSO Ken Kornman moving to the R&D department from G&A in 2015.
Total revenues for FY 2015 fell 22 percent to $1.4 million from $1.8 million in 2014. Interleukin attributed the decline in yearly revenues to a decrease in the number of kits returned for processing related to a promotional product bundle program with Access Business Group.
The firm's net loss for the year widened to $7.9 million, or $.05 per share, from $6.3 million, or $.05 per share, a year ago.
Interleukin's R&D spending jumped 54 percent to $1.3 million, up from $843,102 in 2014, and its SG&A spending inched up less than 2 percent to $5.9 million from $5.8 million in 2014. The company again attributed the R&D spending increase to Kornman's move within the company, and said SG&A in 2015 was affected by severance for the former chief marketing officer, recruiting fees for the new chief executive officer, and the search for a new chief commercial officer.
The firm ended the quarter with $4.7 million in cash and cash equivalents.
In afternoon trading on over-the-counter markets, shares of Interleukin were flat at $.08.