Skip to main content
Premium Trial:

Request an Annual Quote

Source BioScience Posts 4 Percent Revenue Increase for FY 2015

NEW YORK (GenomeWeb) – Source BioScience today reported that its full-year 2015 revenues increased 4 percent over 2014, driven by a 17 percent jump in revenues for the firm's laboratory services division.

Overall, the UK-based firm reported revenues of £26.3 million ($37.4 million), up from £25.2 million in 2014.

Revenues for its laboratory services division climbed to £15.6 million from £13.3 million year over year, which the company said was the result of its acquisition of Select Pharma Laboratories and growth for its DNA sequencing and genomic services businesses in the UK and internationally. Sales of its products declined to £10.7 million from £11.9 million, which the firm attributed to the "ongoing decline in the number of liquid-based cytology tests being undertaken by the NHS Cervical Screening Programme."

Income attributed to the equity holders of Source Bio was £1.5 million, or .44p per share, versus £934,000, or .29p per share, in FY 2014. On an adjusted basis, its EPS was .82p.

Source Bio noted that during the year it delivered more than 1 million DNA sequencing reads to customers, a more than 15 percent increase over 2014, partly due to the launch of 10-hour sequencing services from its facility in Atlanta. It also received a contract from the European Centre for Disease Control for next-generation DNA sequencing worth up to €1.2 million over three years.

As of the end of 2015, Source Bio had a cash balance of £4.4 million.