NEW YORK (GenomeWeb News) – Strategic Diagnostics reported after the close of the market on Thursday that its third-quarter revenues increased around 4 percent and its net loss was significantly trimmed.
For the three-month period ended Sept. 30, Strategic Diagnostics brought in total revenues of $7.2 million, up from $6.9 million for the third quarter of 2008. The increase was due to a 29 percent increase in life science sales to $4.3 million from $3.3 million year over year.
Revenues for its kits used for industrial applications fell 18 percent to $2.9 million from $3.6 million. Strategic Diagnostics said that its kits revenues were hampered by lower sales of water testing equipment.
The Newark, Del.-based firm posted a net loss of $291,000, or $.01 per share, down sharply from a net loss of $2.2 million, or $.11 per share, for the third quarter of 2008.
Its SG&A expenses increased to $3.6 million from $3.5 million year over year, while its R&D spending declined to $752,000 from $1 million.
"While the markets we serve continue to be impacted by the challenging economic environment, resulting in slow growth in the near term, we believe that we have scaled our operations to achieve profitability in the future," Strategic Diagnostics' CEO Fran DiNuzzo said in a statement.
The company finished the quarter with $7.2 million in cash and cash equivalents.