Nice numbers:
Visible Genetics Inc. Reports Record First Quarter Results
PR Newswire - April 30, 1999 07:15
TORONTO, April 30 /PRNewswire/ -- Visible Genetics Inc. (VGI) (Nasdaq: VGIN) today reported its financial results for the first quarter ended March 31, 1999.
VGI reported sales of $4.5 million for the first quarter ended March 31, 1999, an increase of 326% from the same period in 1998. The net loss for the quarter was $3.3 million or $0.35 per share, compared to $3.0 million or $0.41 per share for the same period in 1998. The increase in the net loss reflects research and development expense for VGI's GeneKits and the costs of developing an international market presence. (All amounts are in United States funds.)
Orders received but not shipped in Q1 amounted to $28.2 million. This includes minimum commitments over a three year period from two distribution agreements completed in the first quarter.
"Historically Q1 has not been a strong quarter, however in the new year, we made a focused and intentional transition from the instrument business to the kit business," said John K. Stevens, Chairman and CEO. "That decision has clearly paid off. In Q4 1998, we sold approximately $0.3 million in HIV kit related products and in Q1 it grew by 10 times to over $3.2 million. We are also pleased that we completed two distribution agreements with significant minimum revenue commitments. We expect to see additional similar deals in selected markets in the next several months."
Visible Genetics Inc. manufactures and markets high performance automated DNA sequencing systems and complete kits for the analysis of genes linked to disease. The Company's OpenGene( system employs proprietary stratified DNA testing and single-tube, single-step sequencing methods to significantly reduce the time and cost involved in identifying clinically relevant genetic information. VGI is a leader in the emerging field of pharmacogenomics, which will use genetic information in the identification, and analysis of genes in order to improve patient care and reduce healthcare costs.
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