NEW YORK (GenomeWeb News) – Helicos BioSciences' revenues for the first quarter more than doubled to $1.2 million, compared to $569,000 a year ago, the company said in its quarterly earnings report filed with the US Securities and Exchange Commission late on Friday.
Pacing revenue growth for the three months ended March 31 was $371,000 in service revenues, compared to none a year ago. Product revenues increased to $229,000 from $42,000 a year ago, and grant revenues improved by 9 percent from $527,000 to $582,000.
Service revenues comprise of DNA and RNA sequencing services, which the company began offering in the fourth quarter of 2010. Product revenues primarily consists of sales of proprietary reagents, it said in its SEC document, adding that the increase was due "to a greater number of Helicos Systems operating in the field" in the first quarter of 2011 compared to a year ago.
The company stopped production of its Helicos Systems sequencer in the first half of 2010 as it shifted its focus to becoming a molecular diagnostics shop.
The company said that it had deferred revenues of $7.7 million.
The Cambridge, Mass.-based firm said that its net loss for the quarter was $404,000, or $.00 on a per share basis, down from a loss of $6.3 million, or $.08 per share, a year ago.
Its R&D expenses fell to $1.2 million from $4 million a year ago, while SG&A expenses shrank to $982,000 from $4.1 million a year ago.
Helicos ended the quarter with $2.5 million in cash and cash equivalents.