EBIO reports, hits estimate. But I hadn't heard the bit on the ABI call in which they lowered guidance on on the MGB TaqMan. That's what the market has been pricing in, I guess:
>>BOTHELL, Wash., August 7 /PRNewswire/ -- Epoch Biosciences, Inc. (Nasdaq: EBIO - news), a leading provider of proprietary chemistries enabling genomic research, today reported revenues for the quarter ended June 30, 2001 increased to $1.8 million compared to $141,000 in the like period in 2000; and on a sequential basis, increased 14% from $1.5 million reported in first quarter 2001. The net loss during the quarter was $1.2 million, or $0.05 per share, compared with a net loss of $1.1 million, or $0.05 per share, in the second quarter of 2000.
William G. Gerber, M.D., Chief Executive Officer, commented, ``We are particularly pleased with the two primary sources of revenue growth this quarter. First, our Synthetic Genetics division continues to expand its base specialty probe business, resulting in a 20% sequential increase in revenues. Second, we realized meaningful product royalties for the first time during the quarter, principally from our Applied Biosystems collaboration. These two developments underscore the progress we are making toward our business objectives, which is very encouraging.''
Gerber continued, ``We remain committed to expanding and diversifying our business model and sources of revenue. In addition to the financial results, we made progress on a number of operational objectives, including the launch of our proprietary Eclipse(TM) Probe Systems in early July and the expansion of our management team with the hiring of experienced sales and manufacturing managers. Our products and technologies are performing well in collaborative reviews and continue to be validated by existing partners and customers.''
For the six months ended June 30, 2001, Epoch reported revenues of $3.3 million compared to $239,000 in the same period last year. The net loss for the first six months of 2001 was $2.5 million, or $0.10 per share, compared to $2.4 million, or $0.10 per share, for the same period in 2000.
Business Outlook
Epoch also updated its financial outlook for full year 2001 indicating that revenues will be below previous expectations, primarily as a result of a significant decrease in projected probe manufacturing revenues from Applied Biosystems. Management is now projecting revenues of between $7.5 and $8.5 million, and a net loss of between $4 and $5 million, compared to previous guidance of $11 million in revenues and a net loss of $3 million. In its third quarter ending September 30, 2001, Epoch currently expects revenues of between $1.9 and $2.1 million, and a net loss of between $1.1 and $1.3 million, compared to revenues of $183,000 and a net loss of $1.1 million in the like quarter in 2000.
Gerber added, ``We are in continuous communication with our partners regarding forecasted requirements for Epoch products to meet their internal and external demands. Product sales to Applied Biosystems comprise a substantial portion of our manufacturing revenue projections, and they recently lowered their MGB TaqMan® probe manufacturing forecasts significantly for the next two quarters from previous levels. As a result, we have reduced our projections for the remainder of 2001. This updated guidance does not affect our ability to continue to invest in research and development of current and future technologies, nor our ability to make other resource commitments that will contribute to the long term value of the Company.''
At June 30, 2001, the Company had unrestricted cash and cash equivalents of $8.4 million.
Epoch management will hold a conference call at 11:00 a.m. EDT (8:00 a.m. PDT) today, Tuesday, August 7, 2001, to discuss second quarter financial results. To access the call, dial 877-351-9864 for domestic and 706-679-7637 for international. The passcode is ``Epoch''. A live webcast of the call may be accessed at vcall.com . To listen, go to vcall.com approximately 15 minutes prior to the call to register and download/install any necessary audio software. A replay will be available for 45 days.<<
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Cheers, Tuck |
