NEW YORK (GenomeWeb News) – Osmetech today reported that its full-year 2009 revenues increased 81 percent, while the firm cut its net loss by 16 percent.
The British molecular diagnostics firm announced separately that has filed with the US Securities and Exchange Commission for an initial public offering of stock in the US under the name of its newly proposed parent, GenMark Diagnostics.
Osmetech's total revenues for the year were £638,186 ($961,753) compared to £352,069 for FY 2008. The firm said that the increase was due to growth in sales of its cystic fibrosis genotyping test and a warfarin sensitivity test. It added that currency translation accounted for 27 percent of the revenue growth.
Osmetech's net loss for 2009 dropped to £13 million, or 1.25 pence, from £15.5 million, or 6.66 pence.
The company said that its R&D expenses fell 33 percent to £1.8 million from £2.7 million, due primarily to the completion of development of its eSensor XT-8 System in 2008. It did not provide SG&S expenses.
Osmetech finished 2009 with £10.2 million in cash and cash equivalents.