REYKJAVIK, Iceland, May 1 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter ended March 31, 2008. A conference call to discuss the quarter's results and recent operating highlights will be webcast live tomorrow, Friday, May 2, at 8:00am Eastern Time/12 noon GMT/1pm British Summer Time (details below).
Net loss for the quarter ending March 31, 2008 was $26.7 million, compared to $22.6 million for the first quarter 2007. Basic and diluted net loss per share was $0.44 for the first quarter 2008, versus $0.37 for the same quarter last year. At the close of the first quarter 2008, the company had approximately 61.8 million shares outstanding.
Revenue for the first quarter of this year increased to $15.0 million from $8.6 million for the first quarter 2007. The most significant factor in this increase in revenue is the continued growth in the company's genomic services business. At March 31, 2008, the company had $16.2 million in deferred revenue that will be recognized over future reporting periods.
Research and development expense was $12.7 million for the first quarter of this year, compared to $12.7 million for the same period last year. Our research and development expense in the past quarter includes costs related to the development and launch of our latest DNA-based tests for gauging individual risk of a growing number of common diseases and ongoing gene discovery work that is feeding our diagnostics pipeline and deCODEme service.
Selling, general and administrative expense for the first quarter of
2008 was $7.2 million, compared to $5.5 million for the 2007 period. The
year-on- year increase in SG&A expense reflects in part the launch a
|SOURCE deCODE genetics|
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