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Soft Biopharma Sales Contribute to 10 Percent Drop in SDIX Q2 Revenues

NEW YORK (GenomeWeb News) – SDIX reported after the close of the market on Wednesday that its second-quarter revenues fell 10 percent year over year.

The Newark, Del.-based company said that for the three months ended June 30, revenues totaled $5.5 million, down from $6.1 million a year ago. The drop-off was primarily related to the timing of in vitro diagnostic sales, it said, as well as continued weakness in the biopharmaceutical market.

Its spending on R&D increased 16 percent to $976,000 from $842,000 a year ago, while SG&A costs were down 11 percent to $3.4 million from $3.8 million.

The firm's net loss for the quarter more than doubled to $1.5 million, or $.07 per share, from $657,000, or $.03 per share, a year ago. Its net loss for Q2 2011 included $438,000 in income from discontinued operations.

"While we continue to experience spending challenges in our Life Science end markets, efforts undertaken late in the first quarter to refocus and reorganize our commercial team have played a key role in the improved order performance," SDIX President and CEO Francis DiNuzzo said in a statement.

"Notably, our Food Safety revenues continued to strengthen, with sequential quarterly growth over the last two quarters, driven primarily by success in our Listeria and Salmonella product offerings," he added. "This is a trend we believe will continue in subsequent quarters."

SDIX finished the quarter with $7.5 million in cash and cash equivalents and $100,000 in restricted cash.

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