NEW YORK (GenomeWeb News) - Solexa yesterday reported a 21-percent drop in second-quarter revenues as it started winding down its MPSS service business and shipped its first early-access DNA sequencers.
The company reported $1.1 million in revenues for the quarter ended June 30, down from $1.4 million during the same quarter a year ago. Most of the revenue came from Solexa’s MPSS service business, and the year-over-year decline was due to reducing this service, which Solexa plans to phase out by the end of the year.
Solexa's revenues do not yet include proceeds from sales of DNA sequencing instruments.
Solexa’s R&D expenses for the quarter climbed to $5.5 million, from $4.7 million during the same period a year ago. This increase was related to higher costs for personnel and material, including building and operating several prototype instruments, as well as stock-based compensation.
The company’s quarterly net loss widened slightly to $9.8 million from $9.4 million in the year-ago period.
As of June 30, Solexa had $58.1 million in cash and cash equivalents.