NEW YORK (GenomeWeb News) – Reporting for the first time as a public company, synthetic biology company Intrexon said after the close of the market on Thursday that revenues in its third quarter more than doubled year over year.
Total revenues for the three months ended Sept. 30 reached $6.1 million, up from $2.9 million a year ago, driven by an uptick in collaboration revenues, which increased to $6.0 million from $2.9 million a year ago. Other revenues were up to $105,000 from $21,000.
The Germantown, Md.-based firm said that the rise in collaboration revenues were due mainly to the recognition of deferred revenue for upfront payments received from collaborations. Intrexon also received revenues for R&D services performed under the collaborations during the recently completed quarter.
The company posted a profit of $15.0 million, or $.15 per share, in the quarter, compared to a net loss of $20.5 million, or $4.66 per share, a year ago.
It reduced its R&D expenses 24 percent to $10.8 million from $14.3 million, but increased its SG&A spending 48 percent to $7.4 million from $5.0 million.
The lower R&D costs resulted from decreases in personnel expenses and lab supplies as certain positions were eliminated due to improvements in production processes and the centralization of some R&D functions.
SG&A costs rose primarily as a result of increases in personnel costs for new employees as Intrexon prepared to go public. The company completed an initial public offering in August.
Intrexon said that the SG&A expenses also included the cost of AquaBounty Technologies' employees. In March, Intrexon increased its ownership interest in the aquaculture biotechnology shop and gained control over the company.
In Friday morning trading, shares of Intrexon on the New York Stock Exchange were up 9 percent at $19.49.