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Epigenomics Posts 10 Percent Q1 Revenue Increase

NEW YORK (GenomeWeb) – Epigenomics today reported a 10 percent increase in its first quarter revenues on higher product sales.

For the three-month period ended March 31, Epigenomics' revenues climbed to €309,000 ($367,051) from €281,000 in the same period the year before. Contributing to the revenue growth was a 38 percent increase in sales of products — including the US Food and Drug Administration-approved Epi proColon blood-based colorectal cancer screening test — to €108,000 from €78,000. Licensing revenue was essentially flat year-over-year at €201,000.

The Berlin-based company's net loss for the quarter rose to €3.2 million, or €.13 per share, from €2.4 million, or €.10 per share, the year before.

Its R&D spending increased 36 percent to €1.5 million from €1.1 million, primarily due to an FDA-required post-approval clinical study of Epi proColon, while its SG&A costs declined 5 percent to €1.8 million from €1.9 million.

Epigenomics ended the first quarter with cash, cash equivalents, and marketable securities totaling €11.2 million, which the company said should fund operations through 2018.

Looking ahead, Epigenomics reiterated prior 2018 revenue guidance of between €2 million and €4 million.