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SDIX's Q4 Revenues Shrink 13 Percent

NEW YORK (GenomeWeb News) – SDIX today reported that its fourth-quarter revenues dipped 13 percent year over year, as its Life Science business dropped 11 percent.

For the period ended Dec. 31, 2011, total revenues were $5.5 million, down from $6.3 million a year ago. Life Science brought in revenues of $3.8 million, compared to $4.2 million in Q4 2010, a drop that the company attributed to order timing in the IVD business as larger orders were placed earlier during 2011.

The Food Safety business saw a roughly 13 percent decrease to $1.4 million from $1.6 million a year ago, the Newark, Del.-based firm said.

SDIX increased its R&D spending in the quarter to $973,000, a 12 percent jump from $870,000 a year ago, and kept its SG&A costs flat at $3.4 million.

The company posted a profit of $1.7 million, or $.08 per share, during the quarter, compared to a net loss of $260,000, or $.01 per share, a year ago. The Q4 2011 figures include income of $3.2 million from discontinued operations, including a gain from the sale of its Water Quality assets in December. Income from discontinued operations in Q4 2010 was $504,000.

For full-year 2011, SDIX brought in $24.2 million in revenues, a 3 percent increase from $23.6 million in 2010. Life Science revenues rose 7 percent year over year to $16.5 million from $15.4 million, and Food Safety revenues grew 7 percent to $6.3 million from $5.9 million.

The company shifted its focus away from the Ag-GMO business and revenues in that business contracted to $1.3 million, an $870,000 drop-off, it said.

SDIX's R&D costs increased 23 percent year over year to $3.7 million from $3.0 million, while SG&A spending rose 4 percent to $14.5 million from $13.9 million.

SDIX had a net loss of $298,000, or $.01 per share, for 2011, down from a net loss of $963,000, or $.05 per share, in 2010. The 2011 figures include income of $4.5 million from discontinued operations, compared to income of $2.3 million in 2010.

The company ended 2011 with $10.7 million in cash and cash equivalents, and $300,000 in restricted cash.

SDIX President and CEO Francis DiNuzzo said in a statement that the company was "especially pleased" with the continued growth of its IVD business which ticked up 30 percent year over year in booked orders. He also noted strength in the Food Safety business with the launch of its listeria test system, and said that firm's international sales grew 72 percent year over year across both the Life Science and Food Safety product lines.

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