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Monogram Biosciences' Q4 Revenues Rise 10 Percent

NEW YORK (GenomeWeb News) – Monogram Biosciences reported after the close of the market on Thursday that its fourth-quarter revenues increased 10 percent and it swung to a profit from a loss thanks to an adjustment to its convertible debt valuation and interest income.

The South San Francisco, Calif.-based pharmacogenomics test developer had revenues of $15.1 million for the three months ended Dec. 31, compared to revenues of $13.7 million for the fourth quarter of 2007. The results do not include deferred revenue of $2.2 million from sales of its Trofile assay to Pfizer for use with the drug firm's AIDS drug maraviroc (Selzentry).

Monogram posted a profit of $512,000, or $.02 per share, for the quarter, compared to a net loss of $5 million, or $.23 per share, for the fourth quarter of 2007. The results for Q4 2008 include a gain of $3.7 million attributed to a convertible debt valuation adjustment and interest income.

The firm's R&D costs increased around 2 percent to $5.2 million from $5.1 million, while its SG&A spending declined 11 percent to $6.4 million from $7.2 million.

For full-year 2008, Monogram reported revenues of $62.2 million, an increase of 44 percent over revenues of $43.2 million for 2007. The 2008 results do not include deferred revenue of $5.8 million from sales of Trofile to Pfizer.

The firm more than halved its net loss to $11.7 million, or $.52 per share, from $23.5 million, or $1.07 per share. The benefit related to the convertible debt valuation adjustment and interest income for 2008 was $9.8 million compared to $4.7 million for 2007.

Monogram's R&D spending for 2008 was $23.8 million, up 23 percent from $19.4 million in 2007. Its SG&A spending inched up about 2 percent to $32.1 million from $31.6 million.

The company finished the year with $16 million in cash and cash equivalents.

Monogram has established revenue guidance for 2009 of a range between $66 million and $70 million, with deferred revenue from Pfizer expected to be between $4 million and $5 million.

Monogram CFO Alfred Merriweather said in a statement that the firm is taking a number of steps to reduce its use of cash. "These include reduction of costs related to personnel, programs and overhead activities. Additional steps will be taken if necessary to achieve our goal of cash flow breakeven. Together, our cost reductions have taken over $10 million out of our planned 2009 expenses."

He added that Monogram's goal is to reduce its use of cash to roughly $6 million to $8 million for 2009.

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