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SDIX Posts 12 Percent Q1 Revenue Growth

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – SDIX reported after the close of the market Thursday that its first-quarter revenues increased 12 percent year over year on double-digit growth for both its life science and food safety businesses.

The Newark, Del.-based firm brought in total revenues of $7.5 million for the three-month period ended March 31, compared to $6.7 million for the first quarter of 2010. It said that sales for its life science business increased 19 percent to $4.5 million, while food safety revenues jumped 28 percent to $1.8 million. Sales of products for Agricultural-genetically modified organism testing and water and environmental products were $300,000 and $900,000, respectively.

"We saw notable growth in our IVD and Biopharma customer revenues this quarter, while we also forge ahead to leverage our Genomic Antibody Technology, or GAT, a differentiated platform for additional value-creating and revenue-generating collaborations," SDIX President and CEO Fran DiNuzzo said in a statement. "In Food Safety, we are quite pleased with the acceptance and growing momentum for our RapidChek SELECT solution, and in particular our Salmonella and E. coli test systems.

SDIX's net loss increased to $658,000, or $.03 per share, from $459,000, or $.02 per share, for Q1 2010.

Its R&D spending jumped 28 percent to $863,000 from $676,000, and its SG&A expenses climbed 8 percent to $4 million from $3.7 million.

SDIX finished the quarter with $9.1 million in cash, cash equivalents, and restricted cash.

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