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Visible Genetics Q3 Revenues Slip on Lower Product, Service Sales

NEW YORK, Nov. 13 – Visible Genetics of Toronto said Tuesday third-quarter revenues slipped slightly to $2.9 million, from $3.0 million in the year ago quarter, as product and service sales both fell.

On a positive note, Visible Genetics said that the US Food and Drug Administration had approved the company’s Trugene HIV-1 genotyping test for use in the clinical diagnostics market.

"With FDA approval and an installed US base of approximately 100 labs we are now preparing to aggressively launch the product in the US through a campaign of trade shows, advertising, and direct contact with AIDS patients and physicians," Richard Daly, CEO of Visible Genetics, said in a statement.

Visible Genetics also received FDA approval for its OpenGene system, which uses a proprietary sequencing method to identify important genetic information.

Expenses in the quarter rose to $12.6 million from $10.3 million in the year ago quarter.

The company posted net losses attributable to common shareholders of $12.6 million, or 76 cents a share, in the quarter, compared with net losses of $9.7 million, or 63 cents a share, in the year ago quarter. 

The third-quarter 2001 net loss includes a charge of $1.4 million stemming from the company’s decision to close its research facility in Toronto and transfer activities to the company’s facility in Atlanta and a newly acquired research facility in Cambridge, England. 

At the end of the third quarter, Visible Genetics had cash and cash equivalents of $14.9 million, down from $18.5 million at the end of 2000. Short-term investments totaled $25.8 million at the end of September, down from $61.9 million at the end of last year.


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