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Net product related revenue for the third quarter ended September 30, 2011 increased to $2.0 million compared to $1.9 million for the third quarter ended September 30, 2010. Net product related revenue for the nine months ended September 30, 2011 was flat as compared to the same period a year ago.
Research and development revenue for the third quarter ended September 30, 2011 increased to $536,000 compared to $64,000 for the third quarter ended September 30, 2010. Research and development revenue for the nine months ended September 30, 2011 increased to $1.3 million compared to $618,000 for the nine months ended September 30, 2010.
There was no license fee revenue for the third quarter ended September 30, 2011. License fee revenue for the nine months ended September 30, 2011 increased to $1.0 million compared to $32,000 for the nine months ended September 30, 2010. The increase in license fee revenue for the nine month period ended September 30, 2011 compared to the same period last year was due to an upfront license fee recognized in the second quarter of 2011 from a licensee in the animal feed industry.
Gross profit for the third quarter ended September 30, 2011 increased to $784,000 compared to $339,000 for the third quarter ended September 30, 2010. This increase was the result of higher research and development revenue and improved product margins. Gross profit for the nine months ended September 30, 2011 nearly doubled to $2.9 million compared to the same period last year due to increased margins on product revenue and the recognition of license fee income.
General and administrative expenses for the third quarter ended September 30, 2011 increased to $1.3 million compared to $1.1 million for the third quarter ended September 30, 2010. For the nine months ended Septembe
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| SOURCE Dyadic International, Inc. Copyright©2010 PR Newswire. All rights reserved |