deCODE genetics Announces Third Quarter 2007 Financi... ( REYKJAVIK Iceland Nov. 5 /- deCOD...)

deCODE genetics Announces Third Quarter 2007 Financial Results

Date:11/5/2007

REYKJAVIK, Iceland, Nov. 5 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter ended September 30, 2007. A conference call to discuss the quarter's results and recent operating highlights will be webcast live tomorrow, Tuesday, November 6, at 8:00am Eastern Standard Time/1pm GMT (details below).

Net loss for the quarter ending September 30, 2007 was $24.2 million, compared to $23.6 million for the third quarter 2006. Net loss for the first nine months of 2007 was $63.1 million, compared to $62.2 million for the first nine months of last year. Basic and diluted net loss per share was $0.40 for the third quarter 2007, unchanged from the same period last year. For the first nine months of 2007, basic and diluted net loss per share was $1.03, compared to $1.11 for the first nine months of last year. At the close of the third quarter 2007, the company had approximately 61.7 million shares outstanding.

Revenue for the third quarter this year was $10.9 million, compared to $8.6 million for the same period a year ago. For the first nine months of 2007, revenue was $27.1 million, compared to $29.1 million for the same period last year. As of September 30, 2007, the company had $15.2 million in deferred revenue that will be recognized over future reporting periods. The largest single factor in the period-on-period increase in revenue for the third quarter, and in the company's deferred revenue, is the growth of the company's genotyping business.

Research and development expense was $14.1 million for the third quarter of this year, compared to $14.2 million for the same period last year. For the first nine months of 2007, R&D expense was $4
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