NEW YORK (GenomeWeb news) – Strategic Diagnostics reported after the close of the market on Thursday that its second-quarter revenues increased 5 percent, and the firm cuts its net loss around 3 percent year over year.
The Newark, Del.-based firm brought in revenues of $6.9 million for the three-month period ended June 30, compared to revenues of $6.6 million for the second quarter of 2008. The company said that its revenues were positively impacted by a 16 percent increase in life science revenues and a 45 percent increase in sales of its Genomic Antibody Technology products.
Strategic Diagnostics trimmed its Q2 net loss to $734,000, or $.04 per share, from $1.1 million, or $.05 per share.
Its R&D spending decreased to $820,000 from $921,000, while its SG&A costs was trimmed to $3.5 million from $4.1 million.
Strategic Diagnostics finished the quarter with $6.2 million in cash and cash equivalents, plus $2.7 million in restricted cash.