Interest income increased by $14,080, to $1,208,959 for 2008 compared with $1,194,879 for the same period of 2007.
Cost of sales increased by $58,490, from $264,285 for 2007 to $322,775 for 2008. This increase is related to higher sample sales.
Operating expenses increased from $12,359,359 for 2007 to $15,597,476 for 2008, an increase of $3,238,117, reflecting the start of the Company's U.S. clinical laboratory activities, the CLIA certification of our new laboratory and the launch of the Previstage(TM) GCC Colorectal Cancer Staging Test.
Based on the above, for the year ended October 31, 2008, DiagnoCure recorded a net loss of $13,833,978 or $0.33 per share, compared with $9,156,219 or $0.24 per share, for the same period of 2007. These results are substantially in line with Management expectations and reflect activities undertaken during this fiscal year, in line with the Company's plans and on-going commitment to develop high-value diagnostic tests for the detection and management of cancer. As at October 31, 2008, short-term and long-term investments stood at $20,130,705, down from $32,867,526 as of October 31, 2007. This decrease of $12,736,821 is due to the use of liquidity to finance the operating activities and acquisitions of property, plant and equipment, and of intangibles for this period. Management is satisfied that it has adequate cash resources for continued operations.
Results for the fourth quarter of fiscal 2008
Total revenues for the fourth quarter of 2008 were $502,272 compared with $495,844 for the fourth quarter of 2007. This increase of $6,428 is mostly attributable to the increase in the royalty revenue from Gen-Probe, which increased in the fourth quarter of 2008 to $110,770, compared with $43,787 for the fourth quarter of 2007. Sales of
|SOURCE DIAGNOCURE INC.|
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