Qiagen Posts Strong Rise in Q2 Revenue As Income Narrows
Qiagen this week reported a 14-percent year-over-year increase in second quarter revenues, and decreased net income.
Revenue for the three-month period ended June 30 increased to $98.6 million from $86.3 million one year ago.
R&D expenses in the quarter increased to $9.3 million from $7.6 million year over year. As a result, net income fell to $8.8 million, or $.10 per share, from $11.1 million, or $.08 per share, in the second quarter of 2003.
Qiagen said expenses for the second quarter included relocation and restructuring, as well as charges related to the buyout of the company’s synthetic DNA business unit during the quarter [see 7/8/04 PGx Reporter].
As of June 30, the company had $149.6 million in cash, cash equivalents, and marketable securities.
Paradigm Genetics Reports Q2 Revenues Growth, Though Losses Remain Flat
Paradigm Genetics this week said its second-quarter net loss was essentially flat year over year despite a 12-percent rise in revenues during the period.
Revenue for the second quarter inched up to $6.3 million from $5.6 million during the same period one year ago.
R&D spending climbed to $6.8 million from $6.5 million in the year-ago period, helping to drive second-quarter overall expenses about $800,000 higher, to $9.8 million.
Paradigm reported a second-quarter net loss of $3.6 million, largely unchanged from the year-ago period.
As of June 30, the company had cash, cash equivalents, and short-term investments totaling about $10.7 million.
Ciphergen’s Q2 Revenues Slide as Losses Narrow; Two Firms Downgrade its Stock
Ciphergen Biosystems last week reported a slide in total second-quarter revenue amid narrowed losses.
The result caused one investment bank to downgrade shares in the company, one month after another bank did the same.
The company booked $10.8 million in revenues for the quarter, down from $14.3 million during the same quarter in 2003. R&D costs decreased to $6 million from $7 million during the same quarter last year.
Nevertheless, net losses shrank to $13.1 million, or $.56 per share, from $15.6 million, or $.45 per share, during the second quarter one year ago, which included a $7.3 million non-recurring litigation settlement.
As of June 30, Ciphergen had $29.8 million in cash, cash equivalents, and investments in securities.
On Wenesday, Merriman Curhan Ford downgraded Ciphergen shares to ‘sell’ from ‘neutral,’ the brokerage and investment bank said.
The downgrade comes as Ciphergen shares continue to slide after the company’s lackluster second-quarter sales. It is the second downgrade in as many months to hit Ciphergen: Piper Jaffray on July 1 downgraded the stock to ‘underperform’ from ‘outperform.’
Shares in the Fremont, Calif.-based protein chip company were trading down 15.5 percent, or $.49, at $2.87 on the Nasdaq exchange late Wednesday morning. The shares closed at $4.10 on July 30. Ciphergen issued its second-quarter earnings after the market closed on that day.
Lexicon Genetics Reports 21-Percent Gain in Q2 Revenues
Lexicon Genetics last week said second-quarter revenues increased to $10.8 million from $8.9 million, a 21-percent jump.
The Woodlands, Texas-based firm attributed the increase to a collaborative neuroscience research pact with Bristol-Myers Squibb.
Research and development expenses grew to $22.6 million from $20.8 million in the comparable period a year ago.
Lexicon said net losses narrowed to $16.8 million, or $.26 per share, from $17.6 million, or $.34 per share, year over year.
At the end of the second quarter, Lexicon Genetics held cash and investments of $104.3 million.
Orchid BioSciences’ Q2 Revenues Rise
Orchid BioSciences last week said second-quarter revenues increased to $15 million from $12.4 million one year ago.
Service revenues for the period ended June 30 climbed to $14.8 million from $12.2 million in the comparable quarter a year ago. The firm attributed the revenue growth to an increase in testing volume.
Orchid reported a net loss for the quarter of $1.8 million, or $.08 per share, compared to a net loss of $5.5 million, or $.55 per share, in the second quarter a year ago. Orchid finished the quarter with $31.1 million in cash and cash equivalents.