NEW YORK — Expedeon reported today an 18 percent increase in second quarter revenues driven in part by sales generated by recently acquired reagent maker TGR Biosciences.
For the three-month period ended June 30, Expedeon's revenues climbed to €3.9 million ($4.4 million) from €3.3 million in the year-ago quarter. The Heidelberg, Germany-based company — formerly known as Sygnis — attributed the growth to TGR, which it bought for €10.1 million in mid-2018, as well as improved sales across its entire product range.
Expedeon's net loss for the quarter was €1.3 million, or €.02 per share, versus €551,000, or €.01 per share, in the second quarter of 2018.
Second quarter R&D spending was up nearly 8 percent to €339,000 from €315,000, while sales and administrative costs jumped over 28 percent to €3.6 million from €2.8 million primarily due to the revaluing of earn-outs tied to Expedeon's acquisitions of TGR and UK-based bioconjugates firm Innova Biosciences.
At the end of June, Expedeon had cash and cash equivalents totaling €3.9 million.
Looking ahead, Expedeon said that it expects continued double-digit revenue growth as it launches new products. It makes products for both life sciences research and clinical diagnostics.
"We will continue to concentrate our activities on organic growth and on bringing innovative technologies to the market, such as the product launches of the Lightning-Link metal labelling kits and CaptSure universal kits," Expedeon CEO and CSO Heikki Lanckriet said in a statement. These kits, along with the firm's DNA manufacturing technologies, represent key growth opportunities, he added.