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deCODE genetics Announces Second Quarter 2008 Financial Results
Date:8/6/2008

REYKJAVIK, Iceland, Aug. 6 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter ended June 30, 2008. A conference call to discuss the quarter's results and recent operating highlights will be webcast live tomorrow, Thursday, August 7, at 8:00am Eastern Daylight Time/12 noon GMT/1pm BST (details below).

Operating loss for the second quarter 2008 was $13.5 million, compared to $22.9 million for the second quarter 2007. Operating loss for the first six months of 2008 declined to $33.1 million from $43.4 million for the first six months of 2007.

Net loss for the quarter ending June 30, 2008 was $18.4 million, compared to $16.2 million for the second quarter 2007. Net loss for the first six months of 2008 was $45.0 million, compared to $38.9 million for the first six months of last year. In addition to operating loss, net loss figures for the periods presented include interest expense and, in the 2008 periods, unrealized loss resulting from the revaluation of the company's auction rate securities investments, as well as, in the 2007 periods, a one-time payment deCODE received related to the settlement of an intellectual property suit.

Basic and diluted net loss per share was $0.30 for the second quarter 2008, compared to $0.27 for the same quarter in 2007. For the first six months of 2008, basic and diluted net loss per share was $0.73, compared to $0.64 for the first six months of last year. At the close of the second quarter 2008, the company had approximately 61.8 million shares outstanding.

Revenue for the second quarter this year was $15.0 million, compared to $7.6 million for the same period a year ago. For the first six months of 2008, rev
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SOURCE deCODE genetics
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