NEW YORK (GenomeWeb News) – Orchid Cellmark today reported that its first-quarter revenues inched up around 1 percent, while its net loss jumped 67 percent.
The Princeton, NJ-based firm had total revenues of $14.1 million for the three-month period ended March 31, compared to $14 million in revenues for the first quarter of 2009.
The firm said that its UK revenues for the quarter rose 34 percent, primarily due to increased forensic testing sales, but that was largely offset by a drop of 25 percent in its US sales, which was caused by a decrease in paternity and forensic testing revenue.
Orchid Cellmark's service revenues accounted for nearly all of its total sales, with only $14,000 last quarter coming from other revenues, compared with $121,000 in the same period the year before.
"In the US we are seeing the impact of government budgetary constraints forcing the states to either not process forensic samples or request price discounts from suppliers or both," Orchid Cellmark President and CEO Thomas Bologna said in a statement. "However, we believe the end result will be an ever increasing backlog of DNA samples, which simply put, will have to be processed."
Orchid Cellmark's net loss for the quarter swelled 67 percent to $2 million, or $.07 per share, compared to $1.2 million, or $.04 per share, for the first quarter of 2009.
Its R&D expenses more than doubled to $397,000 from $159,000, while its SG&A dipped 2 percent to around $5.1 million from $5.2 million. The firm also reported restructuring charges of $444,000 for Q1 2010.
The company had $8.3 million in cash and cash equivalents and $11.6 million in marketable securities at the end of the quarter.