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Orchid Cellmark's Q1 Revenues Rise 18 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – DNA testing firm Orchid Cellmark reported after the close of the market on Friday that its revenues for the first quarter increased 18 percent year over year, with UK revenues increasing 28 percent.

For the three months ended March 31, total revenues climbed to $16.6 million from $14.1 million a year ago, the Princeton, NJ.-based firm said in a document filed with the US Securities Exchange Commission. Service revenues accounted for almost all of the revenues, while licensing revenues were halved to $7,000 from $14,000 a year ago.

During the quarter, UK revenues increased to $11 million, compared to $8.5 million a year ago, driven by an increase in forensics, paternity, and agriculture revenues.

Revenues from its US business inched up 1 percent to $5.6 million, Orchid Cellmark said. Revenues from its CODIS business and state database testing services and from government and private paternity testing services rose during the quarter, but were offset by a drop in forensic casework business.

The firm's net loss for the quarter was $2.2 million, or $.07 per share, compared to a loss of $2 million, or $.07 per share, a year ago.

The company shaved its R&D spending 8 percent to $364,000 from $397,000. Its SG&A costs rose 24 percent to $6.3 million from $5.1 million, due primarily to a $750,000 payout to Genetic Technologies to settle a patent dispute.

Orchid Cellmark ended the quarter with $8.6 million in cash and cash equivalents.

The company is in the process of being acquired by Laboratory Corporation of America for $85.4 million.

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