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Exiqon Posts 17 Percent Revenue Growth for Q3

NEW YORK (GenomeWeb) – Exiqon today reported that its third quarter revenues increased 17 percent year over year to DKK 34.8 million ($5.9 million) from DKK 29.8 million.

The Copenhagen, Denmark-based genomic research products firm said that its research product sales and services were up 7 percent year over year to DKK 26.1 million from DKK 24.3 million. Its services revenue more than doubled to DKK 7.1 million from DKK 3.1 million, driven by next-generation sequencing services that were launched early in 2014 and offsetting declining sales of the firm's miRCURY LNA microRNA Array system.

Exiqon posted a net profit of DKK 1.3 million, or DKK .04 per share, versus a loss of DKK 1.7 million, or DKK .05 per share, for Q3 2013.

The firm's R&D costs dropped 14 percent year over year to DKK 6 million from DKK 7 million, while its SG&A spending climbed 3 percent to DKK 14 million from DKK 13.6 million.

"Our recent growth initiatives now begin to take effect, and I'm optimistic that the new markets we address will allow us to capture double-digit growth in our products and services sales," Exiqon CEO Lars Kongsbak said in a statement.

Exiaon said that its plans to launch new products for RNA sequencing that address a double-digit growing market opportunity in excess of $200 million. It also plans products for RNA functional analysis, a market opportunity it pegged at more than $100 million. The firm said these new products will be supported by advanced bioinformatics tools for mobile devices and cloud computing.
Exiqon finished the quarter with DKK 22 million in cash and cash equivalents.