VEDBAEK, Denmark, August 28 /PRNewswire-FirstCall/ -- Strong organic
growth continued in Q2 2008 supported by new research product offerings.
The development of Exiqon's first molecular diagnostic product based on
miRNA profiling remains on track for year end launch.
- Revenue in Q2 2008 increased by 139% on the year-earlier period to DKK
28 million, totaling DKK 44.5 million in the first six months of 2008.
- Product sales in Q2 2008 increased by 239% on the same period last year
to DKK 26.3 million (including research product sales and diagnostic
sales) totaling DKK 40.5 million in the first six months of 2008.
Research product sales grew organically by 70% compared to Q2 2007.
- Direct contribution margin in Q2 2008 was 65% compared to 78% in the
same period last year, totaling 66% in the first six months of 2008.
Gross margin was 25% compared to 64% in the same period last year,
totaling 33% in the first six months of 2008. The gross margin was
affected by new product offerings and cost of unused capacity during the
current build-up phase.
- Total operating expenses in Q2 2008 increased by 80% on the same period
last year to DKK 48.3 million, totaling DKK 82.7 million in the first six
months of 2008. The increase in operating expenses is primarily due to
the acquisition of Oncotech Inc.
- Net loss for Q2 2008 was DKK 38.8, totaling DKK 63.5 million the first
six months of 2008. EPS amounted to DKK -1.37 in Q2 2008 and DKK -2.25 in
the first six months of 2008.
- Based on current activities, the financial guidance for 2008
is retained with revenue of DKK 140-150 million in 2008 including both
research product sales and diagnostic sales. A net loss of DKK 100-115
million is expected, for the full year 2008, including the effect of
costs of current incentive plans in the amount to DKK 6 million.
Lars Kongsbak, President and CEO says: "With financing in place to reach expected break even by 2011 and on track towards our goal of a cash flow positive life sciences business by the end of 2009, there is no doubt that Exiqon is in a sweet spot in the biotechnology market. We see a strong interest in miRNA and we are very excited about the launch of our first molecular diagnostic product based on miRNA by year end."
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|SOURCE Exiqon A/S|
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