Oxford Immunotec revenue up 46%; still no profits
Oxford Immunotec posted a 46-percent gain in revenue for the third quarter but still posted a net loss of $4 million, due to expenses related to two acquisitions and an increase in staff.
The British diagnostics company focused on commercializing proprietary tests with its U.S. headquarters in Marlborough reported $26.1 million in revenue for the third quarter, with $22 million of that being tuberculosis revenue and the remaining $4.1 million being from tick-borne disease and other revenue sources.
The net loss for the third quarter was $4 million, or 18 cents per share, compared to $4.5 million, or 20 cents per share, in the third quarter 2015. Some of this cost was a result of the company’s recent acquisition of Norwood diagnostic firm Imugen and Boston diagnostic firm Immunetics for $22.2 million and $6 million, respectively. The acquisition of Imugen alone accounted for an addition $1.5 million in operating expenses, while other increased expenses included a higher headcount, acquisition expenses and legal expenses.
Those acquisitions also drove down cash on hand, which fell to $37.3 million as of Sept. 30 compared to $64.0 million as of June 30.
WBJ Web Partners
Most Recent
Most Recent
0 Comments