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GeneNews Q3 Revenues up Sharply

NEW YORK (GenomeWeb) – GeneNews today said that its revenues for the third quarter rose around 30-fold year over year.

The Toronto-based molecular diagnostics firm reported total revenues of C$1.1 million (US$973,000) for the three months ended Sept. 30, up from C$37,002 in Q3 2013, according to a regulatory document. All revenues for the recently completed quarter were derived from royalties. In the year-ago period, GeneNews had no royalties.

The firm said it had no milestone revenues for Q3 2014 compared to C$36,060 in the year-ago period, and no test revenues for the recently completed quarter, down from C$942 a year ago.

The company cut its net loss to C$893,407, or C$.02 per share, in Q3 2014, from a net loss of C$3.4 million, or C$.10 per share, a year ago.

GeneNews had no R&D costs for the third quarter, compared to C$490,720 a year ago. It trimmed its SG&A expenses 7 percent to C$933,751 from C$1.0 million.

The company exited the quarter with C$4.4 million in cash and cash equivalents.

During the summer of 2013, GeneNews, Health Diagnostic Laboratory, and an unnamed sales organization formed a joint venture called Innovative Diagnostic Laboratory. GeneNews said today that IDL had revenues of about C$4.7 million for the third quarter and costs of C$8.1 million, resulting in a loss of C$3.4 million.