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SDIX's Q2 Revenues Rise 4 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Biotech firm SDIX posted a 4 percent hike year over year in revenues for the second quarter, with its Life Science business climbing 13 percent, it reported after the close of the market Thursday.

For the three months ended June 30, revenues increased to $7.1 million, compared to $6.8 million during the second quarter of 2010. Life Science sales rose to $4.2 million from $3.7 million in the year-ago period.

"In our Life Science business, we expanded our product offerings and continue to invest in advancing our proprietary Genomic Antibody Technology, which we believe will further differentiate our capabilities, thereby allowing continued revenue growth and accelerating our collaborative relationships with pharma customers," said Fran DiNuzzo, president and CEO of SDIX, in a statement.

He added that the company is seeking to grow its international presence and is seeking distribution partners in undisclosed select countries.

The firm's Food Safety revenues jumped 23 percent year over year to $1.6 million from $1.3 million as a result of continued uptake of SDIX's salmonella and E. coli test systems. The Agriculture-Genetically Modified Ingredients business recorded revenues of $300,000, and Environmental Products revenues came in at $1 million.

In the year ago period, the company reported $500,000 for the Ag-GMO business and $1.3 million for Water and Environmental Products.

The firm's R&D costs increased to $842,000 a 10 percent increase year over year from $764,000, while SG&A spending bounced 11 percent to $3.9 million from $3.5 million.

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