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SDIX's Q4 Revenues, Loss Decline

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – SDIX, the firm previously known as Strategic Diagnostics, reported after the close of the market Thursday that its fourth-quarter revenues fell 11 percent, but the firm managed to cut its loss to almost zero for the quarter.

The Newark, Del.-based firm generated total revenues of $6.2 million for the three-month period ended Dec. 31, compared to $7 million for the fourth quarter of 2008. It said that its life sciences sales were down 21 percent $3 million for the quarter, down from $3.8 million year over year, while kit sales were up 7 percent to $3.2 million from $3 million.

The firm makes kits for a variety of testing applications including food pathogens, water and environment, and Ag-GMO.

SDIX's net loss was $65,000, or $0.00 per share, compared to a loss of $12.5 million, or $.62 per share, for the comparable period of 2008. The firm cut its expenses and also took a goodwill impairment charge of $4.2 million in the fourth quarter of 2008.

The firm's R&D expenses declined to $659,000 from $746,000 year over year, while its SG&A spending dropped to $2.7 million from $3.6 million.

For full-year 2009, SDIX had revenues of $27.2 million, down slightly from $27.7 million.

Its net loss dropped sharply to $1.7 million, or $.08 per share, from $15.8 million, or $.78 per share, year over year. A combination of lower spending, the prior year's impairment charge, and the elimination of an $8 million tax expense from the year before were the drivers of the lower loss.

SDIX's R&D spending fell to $2.9 million from $3.6 million, while its SG&A spending declined to $13.6 million from $14.4 million.

The firm finished the year with $9.2 million in available and restricted cash.

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