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Accelrys Sees Revenue Lift in Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Accelrys reported after the close of the market Thursday that its third-quarter revenues grew 7 percent, breaking a string of revenue declines in the last three consecutive quarters.

The San Diego-based bioinformatics firm brought in total revenues of $22.1 million for the three-month period ended Dec. 31, 2009, compared to $20.6 million for Q3 2008.

CEO Max Carnecchia said during a conference call that he was "pleased and encouraged" with the firm's performance during the quarter, noting that it was "one of the best performances in the company's recent operating history." He also noted that the firm closed contracts for greater than $1 million with large life science firms during Q3.

Accelrys' business is seasonally skewed, with the third quarter traditionally its busiest in terms of order intake, company officials said.

Carnecchia noted that Accelrys has 1,200 to 1,300 customers in industry, academic institutions, and government agencies. He said that the "majority" of the third quarter's increased orders were expansions of subscriptions "within existing customers," which are evidence of growth of the firm's larger accounts. He added that he sees "plenty of room" to continue expanding throughout R&D in those organizations.

Accelrys' net income for the quarter dipped slightly to $979,000, or $.04 per share, from $1 million, or $.04 per share, in the comparable quarter of 2008.

Its R&D spending increased 3 percent to $3.5 million from $3.4 million, while its SG&A spending rose 19 percent to 413.1 million from $11 million.

As of Dec. 31, the firm held $77.6 million in cash, cash equivalents, marketable securities, and restricted cash.