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Orchid Cellmark Grows Q2 Revenues 5 Percent

NEW YORK (GenomeWeb News) – Orchid Cellmark grew its second-quarter revenues 5 percent year over year, the company said in its quarterly earnings document late Monday.

In the document filed with the US Securities and Exchange Commission, Orchid said that revenues for the quarter rose to $16.5 million, up from $15.7 million a year ago. UK revenues rose about 10 percent to $10.4 million, driven by a "significant increase in forensics revenues, as well as increases in our paternity and agriculture revenues," it said, adding that UK-based revenues are anticipated to increase as the company begins work on contracts resulting from recent bid awards in the UK.

Results in the region were also impacted by a favorable exchange rate.

US revenues were down about 2 percent year over year to $6.1 million. While revenues from testing services involving DNA profile uploads into the CODIS and individual state databases and revenues from forensic casework business increased, those gains were offset by a decrease in government paternity testing services and in other forensic revenues, Orchid said.

R&D expenses retreated 35 percent to $318,000 from $492,000. SG&A expenses rose 38 percent to $6.6 million from $4.8 million a year ago.

Net loss for the quarter increased 69 percent to $2.7 million, or $.09 per share, from $1.6 million, or $.05 per share.

The company exited the quarter with $7.6 million in cash and cash equivalents.

Orchid is in the process of being acquired by Laboratory Corporation of America for $85.4 million. On Monday, LabCorp announced it had extended its cash tender offer.

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