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Exiqon Q2 Revenues Shrink 8 Percent

NEW YORK (GenomeWeb) – Danish miRNA biomarker firm Exiqon reported today an 8 percent decrease year over year in its second quarter revenues.

For the three months ended June 30, revenues totaled DKK 30.7 million ($5.5 million), down from DKK 33.3 million in the year-ago period. The firm said research product sales and services declined 3 percent year over year to DKK 24.9 million in the quarter, while service revenues fell 10 percent to DKK 3.7 million.

Exiqon did not break out the rest of its revenues for the quarter.

The company recorded a net loss of DKK 1.2 million, or DKK .03 per share, in the quarter, compared to a loss of DKK 1.3 million, or DKK .03 per share, a year ago.

Its R&D costs rose 16 percent year over year to DKK 6.5 million from DKK 5.6 million, and its SG&A spending was down almost 6 percent to DKK 15.3 million from DKK 16.2 million.

As of June 30, Exiqon had DKK 23.1 million in cash and cash equivalents.

The firm lowered its revenue outlook for full-year 2014 to DKK 135 million from a previous figure of DKK 150 million.

In a statement, Exiqon CEO Lars Kongsbak said, "Towards [the] end of the second quarter we have witnessed an accumulation of large orders, and we expect renewed growth in products and services sales will come from new products once our recent growth initiatives begin to take effect in the second half year."