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Exiqon Q1 Revenues Improve 33 Percent

NEW YORK (GenomeWeb News) – Danish genomics and molecular diagnostics company Exiqon said today that revenues in the first quarter rose 33 percent year over year on the strength of its research products.

For the three months ended March 31, the company took in DKK31.8 million ($5.6 million) in revenues, up from DKK24.0 million a year ago. Research product sales and services, excluding original equipment manufacturing revenues, increased 34 percent to DKK25.7 million, with business in Europe and the rest of the world driving revenue growth, the company said.

Service revenues for the quarter increased 91 percent to DKK4.7 million from DKK2.5 million in the year-ago period. Exiqon Diagnostics revenues narrowed 40 percent to DKK900,000 from DKK1.5 million, Exiqon said, while contract revenues fell 41 percent to DKK1.0 million from DKK1.7 million, and licensing income was flat at DKK1.2 million.

Net loss improved to DKK4.5 million, or DKK0.12 per share, compared to a net loss of DKK8.2 million, or DKK0.21 per share, a year ago.

R&D expenses increased 20 percent to DKK6.7 million from DKK5.6 million a year ago. SG&A costs were up 7 percent to DKK15.1 million from DKK14.1 million.

The company said it anticipates about DKK130 million in revenues for full-year 2013.

In a statement, Exiqon CEO Lars Kongsbak said, "First quarter sales are sound despite difficult market conditions, and we are particularly pleased with the progress in Rest of World following our change of distributor effective Jan. 1. Sales in North America have improved and we remain confident about the full year outlook."