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UPDATE: Helicos Q2 Revenues up 22 Percent

The story has been updated to include additional information

NEW YORK (GenomeWeb News) – Helicos BioSciences last week reported a 22 percent increase year over year in second-quarter revenues on the strength of its service business.

In a document filed with the US Securities and Exchange Commission after the close of the market on Friday, the Cambridge, Mass.-based firm said that for the three months ended June 30, revenues rose to $809,000 from $661,000, with service-related revenues reaching $273,000 from none a year ago.

Product revenues increased to $109,000, a 28 percent improvement from $85,000 a year ago, while grant revenues decreased 26 percent to $427,000 from $576,000.

R&D costs was reduced to $982,000 for the quarter from $4.2 million a year ago, while SG&A costs were down to $1.4 million from $2.7 million.

The company posted a net loss of $1.8 million, or $.02 per share, compared to a net loss of $4.7 million, or $.06 per share, a year ago.

Helicos finished the quarter with $1.6 million in cash and cash equivalents. It added in its SEC document that as of July 31, its cash and cash equivalents had retreated to $1.4 million.

The company also said that in order to "conserve its limited resources" it "phased out" six business and research jobs. The positions will be eliminated during the third quarter, reducing the number of employees to 10.

Helicos also is reducing the size and associated expense of its facility in Cambrige, which will house its headquarters and laboratory, the company added.