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Orchid BioSciences Raises Q4 Revenue Forecast

NEW YORK, Dec. 21 – SNP scoring company Orchid BioSciences said Friday it expects its fourth-quarter revenues to exceed previous estimates by more than 30 percent as a result of additional product offerings stemming from a recent acquisition and several new deals.

"We expect to achieve top-line revenues of approximately $10 million in the fourth quarter, more than 30 percent greater than the original consensus analyst revenue estimate of approximately $7.5 million," Donald Marvin, Orchid’s chief operating officer and chief financial officer, said in a statement.

"Our strong revenues reflect the addition of Lifecodes in early December, as well as recent agreements with a number of new product and service customers and collaborators,” he said.

Orchid of Princeton, NJ, said that it expects to post revenues for the year of $28 million - $30 million, 50 percent to 65 percent higher than 2000 revenues. The company said it foresees revenues greater than $55 million in 2003.

Orchid expects to post a loss of between $1.33 and $1.38 a share for 2001.

The company will announce its fourth quarter and 2001 earnings on February 28.

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