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Source BioScience Posts Flat Revenue Growth for First-Half 2015

NEW YORK (GenomeWeb) – Source BioScience yesterday reported that its revenues were flat year over year for the first half of 2015.

For the six-month period ended June 30, the UK-based lab services and molecular diagnostics firm reported total revenues of £12.8 million ($19.9 million), even with revenues reported for the first half of 2014.

It said that revenues for its laboratory services division, which includes its molecular and tissue diagnostics businesses, DNA sequencing and contract research services, and downstream analytical services, were up 9 percent year over year at £6.8 million. Source Bio noted that during the first of 2015 its diagnostics business launched non-invasive prenatal testing services.

Revenues from products decreased 8 percent to £6.1 million, it added.

The firm reported income attributable to equity holders of £685,000, or £.26 per share, versus income of £558,000, or £.17 per share, for H1 2014.

Its R&D spending for the first half of 2015 was £84,000 versus £82,000, while its administrative expenses were nearly flat £3.7 million.

As of June 30, Source Bio held £3 million in cash and cash equivalents.