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Exiqon 2013 Revenues Rise 5 Percent Despite a 16 Percent Drop in Q4

NEW YORK (GenomeWeb News) – Exiqon today reported a 5 percent increase year over year in its revenues for 2013, while revenues in its fourth quarter shrank 16 percent.

The Danish firm said that total revenues in 2013 grew to DKK123.6 million ($22.6 million) from DKK117.4 million in 2012. Life Sciences revenues rose 6 percent to DKK118.4 million from DKK111.3 million, offsetting a 15 percent drop in Diagnostics revenues to DKK5.2 million from DKK6.1 million, Exiqon said in its annual report.

Fourth quarter revenues fell 16 percent year over year to DKK28.7 million as it experienced supply chain problems, Exiqon added. Life Sciences revenues dropped 15 percent to DKK27.9 million, and Diagnostics revenues decreased 40 percent to DKK817,000.

The company's net loss for 2013 was DKK10.7 million, or DKK.29 per share, versus a loss of DKK14.6 million, or DKK.41 per share, in 2012.

Exiqon increased its R&D spending 9 percent to DKK24.3 million in 2013 from DKK22.3 million, and increased its SG&A costs 6 percent to DKK60.0 million from DKK56.7 million.

It finished 2013 with DKK29.2 million in cash and cash equivalents and said that for 2014 revenues are anticipated to total about DKK150 million.

"We saw accelerated growth in our product sales … throughout the first three quarters of 2013," CEO Lars Kongsbak said in a statement. "Unfortunately, we encountered supply chain problems in the fourth quarter. However, these have since been resolved, and we are optimistic about 2014.

"We have just launched our new initiative within next-generation sequencing and have the first orders in the book. We expect 2014 to be a year with continued growth, positive EBITDA, and significant news from our diagnostic programs," he said.