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deCODE genetics Announces Third Quarter 2008 Financial Results
Date:11/6/2008

REYKJAVIK, November 6 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter ended September 30, 2008. A conference call to discuss the quarter's results, recent operating highlights and a strategic update will be webcast live tomorrow, Friday, November 7, at 8:00am EST/1pm GMT (details below).

Operating loss for the third quarter 2008 was $11.3 million, compared to $22.2 million for the third quarter 2007. Operating loss for the first nine months of 2008 declined to $44.4 million from $65.7 million for the first nine months of 2007.

Net loss for the quarter ending September 30, 2008 was $17.9 million, compared to $24.2 million for the third quarter 2007. Net loss for the first nine months of 2008 was $62.9 million, compared to $63.1 million for the first nine 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. The nine-month figure for 2007 also includes a one-time payment deCODE received related to the settlement of an intellectual property suit.

Basic and diluted net loss per share was $0.29 for the third quarter 2008, compared to $0.40 for the same quarter in 2007. For the first nine months of 2008, basic and diluted net loss per share was $1.03, unchanged from that for the first nine months of last year. At the close of the third quarter 2008, the company had approximately 61.8 million shares outstanding.

Revenue for the third quarter this year was $12.0 million, compared to $10.9 million for the same period a year ago. For the first nine months o
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SOURCE deCODE genetics Inc
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