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SDIX's Q1 Revenues Dip

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – SDIX, formerly Strategic Diagnostics, today reported that its first-quarter 2010 revenues dipped 3 percent, though its life science sales were up 3 percent year over year.

The Newark, Del.-based firm brought in total revenues of $6.7 million for the three-month period ended March 31, compared to $6.9 million for the first quarter of 2009. Its life sciences revenues increased to $3.8 million from $3.7 million, while its food pathogen revenues were flat at $1.4 million; its Ag-GMO products had sales of $600,000, down from $700,000; and its water and environmental products fell to $900,000 from $1.1 million.

"Consistent with our comments at the end of 2009, we have shifted a significant portion of our efforts and resources to driving growth in our target markets of food safety and life science," SDIX President and CEO Fran DiNuzzo, said in a statement. "We have added distribution strength through our partnership with Novus Biologicals and further strengthened our direct selling organization in the US with an expanded sales team in our food safety and life science markets."

SDIX posted a net loss of $459,000, or $.02 per share, compared to $561,000, or $.03 per share, for Q1 2009.

Its R&D expenses for the quarter were $676,000 versus $663,000 for Q1 2009, while its SG&A spending was flat at $3.7 million.

SDIX finished the quarter with $9.3 million in available and restricted cash.

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