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Source BioScience Posts 13 Percent Revenue Growth for FY 2011

NEW YORK (GenomeWeb News) – Source BioScience today reported that its fiscal-year 2011 revenues jumped 13 percent, led by an 18 percent increase in revenues from its Life Sciences business.

The UK-based genetic analysis and diagnostics services provider had total 2011 revenues of £15.2 million ($24.1 million) compared to £13.5 million for 2010. Its Life Science business had revenues of £7.8 million, up from £6.6 million, and its Healthcare division had an 8 percent increase in revenues to £7.4 million from £6.9 million.

One of the growth drivers for the Life Science division was the introduction of an overnight service for DNA sequencing. "This enhanced service was launched in June and delivered a 30 percent increase in demand for our sequencing services in the second half of 2011, compared with the first," Source BioScience said in a statement.

It added that growth in the Healthcare division was underpinned by its cytology business, which provides preparation and analysis of cervical smear samples in support of the NHS Cervical Cancer Screening Programme. "Longer term, we believe the growth in this division will be driven by demand for our diagnostics activities, in particular molecular (genetic) and companion diagnostic testing services," the firm said.

Source BioScience's loss after tax was £2.8 million compared to a profit of £93,000 for 2010. The results include non-recurring restructuring costs of £600,000 associated with the integration of imaGenes, which it acquired in late 2010 for £2 million, and a charge of £2.8 million related to the purchase of its head office premises.

The firm's adjusted profit after tax was £610,000 versus £267,000 for 2010.

It spent £1.2 million on selling and distribution during the year, even with 2010, and £281,000 on R&D compared to £220,000 in 2010.

As of Dec. 31, 2011, Source BioScience's total equity was £12.6 million.

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