NEW YORK (GenomeWeb News) – SDIX reported after the close of the market on Monday that revenues for the third quarter dropped 8 percent year over year.
Total revenues for the three months ended Sept. 30 came in at $6.9 million, compared to $7.5 million, although Life Science revenues rose 11 percent to $4.1 million from $3.7 million a year ago. Food Safety revenues retreated to $1.5 million, down 6 percent from $1.6 million a year, while SDIX's Ag-GMO Products were down 43 percent to $400,000 from $700,000, and its Water & Environmental Products business fell 40 percent to $900,000 from $1.5 million.
R&D spending increased to $1.1 million from $767,000 a year ago as the company further developed its next-generation genomic Antibody Technology (GAT) platform. SG&A costs were flat at $3.7 million.
SDIX's net loss rose to $694,000, or $.03 per share, from $29,000, or break-even, from a year ago. In a statement, the company said the increase was due to lower revenues and increased costs related to the build-out of the GAT platform.
It finished the quarter with 7 million in cash and cash equivalents and $400,000 in restricted cash.