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Celera Posts 13 Percent Decline in Q3 Revenues

NEW YORK (GenomeWeb News) – Celera reported after the close of the market on Wednesday that its third-quarter revenues fell 13 percent, while its net loss rose 6 percent year over year.

The Alameda, Calif.-based molecular diagnostics firm generated revenues of $40 million for the three-month period ended Sept. 26, down from revenues of $45.8 million for the comparable period a year ago.

Celera's Lab Services segment, which is conducted through its Berkeley HeartLab unit, had revenues of $24.2 million, down from $30.1 million the year before. Its molecular diagnostics products business had revenues of $10 million, down from $10.5 million, and its corporate revenue, which includes license and royalty payments, was $5.8 million versus $5.2 million in the comparable quarter a year ago.

"We're encouraged with the progress we made this quarter in addressing some of the key issues that affected the financial performance at Berkeley HeartLab," Celera CEO Kathy Ordoñez said in a statement. "While we saw a marginal decline in the sample volume at BHL, there was an improvement in the allowance for doubtful accounts and we continued our efforts to streamline the delivery of disease management services, both of which improved the operating performance of the BHL business."

Celera's net loss rose to $7.4 million, or $.09 per share, from $7 million, or $.09 per share.

Celera reported R&D expenditures of $6.2 million, a drop of 22 percent from $7.9 million. Its SG&A spending was down 10 percent to $22.6 million from $25.2 million.

The company finished the quarter with around $321 million in cash and short-term investments.

The firm expects to post full-year 2009 revenues of between $163 million and $167 million.

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