NEW YORK (GenomeWeb News) – Orchid Cellmark reported on Monday a 7 percent decline year over year in third-quarter revenues.
In its quarterly earnings report filed with the US Securities and Exchange Commission, the company, which is in the process of being acquired by Laboratory Corporation of America for $85.4 million, said that total revenues for the three months ended Sept. 30 slid to $16.1 million from $17.3 million in the comparable year-ago period.
Virtually all of its revenues come from its service business while other revenues dropped to $8,000, down from $13,000 a year ago.
The Princeton, NJ-based firm cut R&D expenses 3 percent to $335,000 from $344,000 a year ago, and decreased SG&A spending 6 percent to $4.7 million from $5 million.
Net loss for the quarter doubled to $1.3 million, or $.04 per share, from $665,000, or $.02 per share a year ago.
Today, LabCorp announced it had extended it cash tender offer for Orchid Cellmark to Nov. 30.