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SOUTH SAN FRANCISCO, Calif., July 29 /PRNewswire-FirstCall/ -- Monogram Biosciences, Inc. (Nasdaq: MGRM) today reported financial results for the quarter ended June 30, 2008.
The Company had revenues of $16.1 million for the second quarter of 2008, 66% higher than $9.7 million in the second quarter of 2007. This growth was driven by revenue from Trofile(TM) for selecting HIV patients to be treated with Selzentry(TM), Pfizer's CCR5 antagonist, and by revenue from use of Monogram's PhenoSense HIV(TM) resistance test and Trofile in a phase III trial by a pharmaceutical company customer.
Revenue for the six months ended June 30, 2008 was $31.0 million, an increase of 62% over $19.1 million in the first six months of 2007.
In addition to the reported revenue for the quarter, Monogram recorded as deferred revenue, the sale of Trofile assays to Pfizer for patient testing outside of the U.S. and for use in clinical trials. These deferred revenues were $1.2 million and $2.0 million for the three and six months ended June 30, 2008, respectively. This revenue was recorded as deferred revenue due to the accounting for the Company's collaboration with Pfizer. Had these sales not been accounted for as deferred revenue, total revenue on a Non-GAAP basis, for the three and six months ended June 30, 2008 would have been $17.3 million and $33.0 million, respectively.
Monogram has performed over 8,000 Trofile tests to date for U.S. patients and revenue from Trofile in the quarter ended June 30, 2008 was $3.7 million.
"Revenues were again at a record level in the second quarter," said
|SOURCE Monogram Biosciences, Inc.|
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