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Interleukin Genetics' Q4 Revenues Fall 41 Percent; Firm Cautions on Financial Resources

NEW YORK (GenomeWeb News) – Interleukin Genetics' fourth-quarter revenues dropped 41 percent year over year, the company reported after the close of the market on Thursday, adding it has enough financial resources to last only through next month.

Revenues for the three months ended Dec. 31, 2012 totaled $339,057, down from $575,339 a year ago. Interleukin attributed the drop to decreased genetic testing revenue resulting from sales through the Amway Global sales channel.

Genetic testing service revenue slid to $317,000 in the quarter, compared to $527,598 a year ago, while other revenues fell to $22,053 from $47,741, the company said.

Its net loss for the quarter was $1.2 million, or $.03 per share, compared to a net loss of $1.4 million, or $.04 per share, in the fourth quarter of 2011.

The Waltham, Mass.-based genetic test development firm reduced its R&D spending 22 percent to $302,427 in the quarter from $387,106 a year ago and cut its SG&A costs 27 percent to $793,281 from $1.1 million.

For full-year 2012, Interleukin posted $2.2 million in revenues, down 24 percent from $2.9 million in 2011, as genetic testing service revenues were trimmed to $2.2 million from $2.8 million a year ago. Other revenues fell to $81,602 from $99,750.

The company had a net loss of $5.1 million, or $.14 per share, in 2012, compared to a net loss of $5.0 million, or $.14 per share, in 2011.

Its R&D spending was trimmed 7 percent to $1.3 million in 2012 from $1.4 million in 2011, while SG&A spending was down 11 percent to $4.2 million from $4.7 million.

Interleukin exited 2012 with $1.2 million in cash and cash equivalents and warned in a statement that it currently has enough financial resources to last through April 30. The company "continues to work on sources of funding," it said.

The company raised $3 million in July in a private placement.