NEW YORK (GenomeWeb News) – Interleukin Genetics today reported that its second-quarter revenues rose 33 percent on higher genetic test sales.
The Waltham, Mass.-based firm brought in total revenues of $800,000 for the three months ended June 30, compared to $600,000 for the second quarter of 2010. Almost all of its revenues were from genetic test sales.
Interleukin Genetics CEO Lewis Bender said that the revenue growth was "primarily driven by partnerships for our Weight Management Genetic Test."
The firm's net loss declined to $1.2 million, or $.03 per share, from $1.4 million, or $.04 per share, for Q2 2010.
Its R&D spending climbed around 11 percent to $359,799 from $325,298, while its SG&A expenses fell 19 percent to $1.3 million from $1.6 million. Interleukin said the drop was due to "lower compensation, professional fees, and promotion expenses partially offset by increased patent-related legal fees and sales commissions paid to Amway."
Interleukin Genetics finished the quarter with $1.7 million in cash and cash equivalents.