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Expedeon Posts 106 Percent Jump in Q2 Revenues

NEW YORK (GenomeWeb) — Expedeon reported today a 106 percent jump in its second quarter revenues as the biological products and services company wrapped up the integration of several recent acquisitions.

For the three-month period ended June 30, Expedeon — which just changed its name from Sygnis  — reported revenues of €3.3 million ($3.8 million) compared with €1.6 million in the year-ago quarter. Contributing to the revenues were sales of products from acquisitions TGR Biosciences, Innova Biosciences, Expedeon, and CBS Scientific.

Expedeon's net loss in the quarter fell to €551,000, or €.01 per share, from €781,000, or €.02 per share, a year earlier.

R&D spending nearly doubled to €315,000 from €158,000, while selling and administrative costs climbed 65 percent to €2.8 million from €1.7 million.

At the end of June, Expedeon had cash and cash equivalents totaling €1.1 million.

"Changing the company's name to Expedeon ... completes the full integration of the recently acquired companies, as well as our corporate rebranding, which combines the new structure with our customer focused brands in the genomics, proteomics, and immunology markets," Expedeon CEO and CSO Heikki Lanckriet said in a statement. "We have already demonstrated our success with our 'Grow, Buy, and Build' strategy through the expansion of our product portfolio with new cutting-edge products, services, and technologies, by acquiring profitable and innovative companies, and by further increasing our strong organic growth and profitability."

Looking ahead, the Heidelberg, Germany-based firm said it expects full-year 2018 revenues in the range of €13 million to €14 million.