NEW YORK (GenomeWeb News) – Interleukin Genetics announced after the close of the market Thursday that revenues for the third quarter rose 41 percent year over year.
Total revenues increased to $765,416 for the three months ended Sept. 30, from $544,744 a year ago, as genetic testing service revenue rose 38 percent to $731,194 from $531,151. Other revenues came in at $34,222, up 152 percent from $13,593 a year ago.
The firm's net loss for the quarter narrowed to $1.1 million, or $.03 per share, from $1.4 million, or $.04 per share, for the third quarter a year ago.
Its spending on R&D inched up 2 percent to $324,669 from $317,155 year over year, while SG&A costs decreased 8 percent to $1.1 million from $1.2 million.
The Waltham, Mass.-based genetic test development firm closed out the third quarter with $1 million in cash and cash equivalents.
In a statement, Interleukin CEO Lewis Bender noted continued revenue growth in the firm's weight management genetic test and wellness select combination products. Enrollment in the company's clinical study for its PST genetic test for periodontal disease with Renaissance Health and the University of Michigan is also progressing, with about 3,300 patients enrolled, he said. The company is targeting 4,000 patients for the study.