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Source BioScience Posts 46 Percent Revenue Growth in H1 2014

NEW YORK (GenomeWeb) – Source BioScience today reported that its first-half 2014 revenues increased 46 percent year over year driven by its diagnostics services business.

The Nottingham, UK-based life sciences products and diagnostics services firm brought in total revenues of £12.8 million ($21.3 million) for the six months ended June 30, up from £8.8 million in the first half of 2013.

Sales from its Healthcare segment, which provides diagnostic testing services, including companion and molecular diagnostics, grew 12 percent year over year to £5.1 million from £4.6 million. Its Life Sciences business, which provides DNA sequencing services and related products, reported flat revenue growth at £3.7 million. The firm's Stability and Bio Storage division, which provides biomarker discovery and clinical trial services as well as sample storage, brought in revenues of £4 million, up sharply from £500,000 in the first half of 2013.

During the first half of the year, Source Bio opened US offices in Los Angeles and Atlanta. The Los Angeles office offers services that include the firm's Overnight Service for DNA sequencing, while the Atlanta office houses more than 20 million cDNA clones.

Source Bio reported total comprehensive income of £558,000, or £.17 per share, up from £235,000, or £.14 per share.

The firm's R&D spending increased to £82,000 from £26,000, and its selling and distribution expenses jumped to £1.2 million from £843,000.

As of June 30, Source Bio had a cash balance of £3.3 million.