NEW YORK (GenomeWeb News) – German molecular diagnostics company Epigenomics reported today that its first-quarter revenues increased 46 percent year over year.
For the three months ended March 31, total revenues were €355,000 ($468,000), up from €243,000 in the first quarter a year ago.
Its product sales increased to €163,000 from €125,000 a year ago, while R&D service income shot up to €126,000 from €4,000. Licensing revenues were down to €66,000 from €114,000 a year ago.
The company's net loss for the quarter was €1.7 million, or €.16 per share, down from a net loss of € 2.2 million, or €.27 per share, during the first quarter of 2012.
Its R&D expenses were down 21 percent to €1.1 million from €1.4 million as Epigenomics finished a head-to-head study comparing its Epi proColon colorectal cancer test with fecal immunochemical test screening in late 2012. A restructuring effort started in 2011 also reduced the firm's headcount to 33 employees as of the end of the quarter, compared to 46 in the year-ago period.
Its SG&A costs decreased 29 percent to € 1.0 million from €1.4 million, the company said.
Epigenomics reported €5.0 million in cash and cash equivalents as of the end of the quarter. In January, it raised $6.7 million through a rights issue and a private placement in January.
The firm has filed its premarket approval submission for Epi proColon with the US Food and Drug Administration, and in February the agency notified Epigenomics that it is considering the test on a priority review status.
Until FDA approves the test, "Epigenomics remains cautious" and does not believe revenues in 2013 will increase significantly from 2012, it said, adding it expects approval to come in the second half of the year.
The firm expects its FY 2013 net loss to be down compared to 2012, however, as the full benefits of a 2011 restructuring take effect, it said. Epigenomics anticipates its net loss will fall between €6.5 million and €7.5 million.