Orchid Bioscience reports full year 2004 financial results

14-Mar-2005

Orchid BioSciences, Inc. reported financial results for the fourth quarter of 2004 and year ended December 31, 2004. Total revenues were $62.5 million for the year ended December 31, 2004, up 23 percent from the year ended December 31, 2003. The revenue growth for the fourth quarter and full year of 2004 was primarily driven by an increase in testing volume, particularly in forensics as well as private human identification and family relationship testing.

"2004 was a pivotal and transitional year for Orchid. Our overall goal for 2004 was to build upon our previous restructuring activities, position the company for further growth and cement our leadership position in our DNA testing markets," said Paul J. Kelly, M.D., chief executive officer of Orchid. "We grew revenues by more than 20 percent for the full year by capturing increasing amounts of federal funding, by expanding our market share in select core market areas, and by entering into new markets. We expanded each area of our business, particularly in forensics testing in both the U.S. and U.K and in our family relationship testing in the U.S., which includes direct-to-consumer private paternity and our new IDSecure(TM) security service."

Orchid reported a loss from continuing operations of $8.0 million for the year ended December 31, 2004, compared to a loss of $14.3 million for the year ended December 31, 2003. Orchid's loss from continuing operations before income taxes was $6.9 million for the year ended December 31, 2004, which includes charges of $5.9 million for depreciation and amortization, as compared to $12.7 million for the year ended December 31, 2003, which includes charges of $5.9 million for depreciation and amortization. Orchid reported a net loss allocable to common stockholders of $10.0 million for the year ended December 31, 2004, compared to a net loss allocable to common stockholders of $27.5 million for 2003.

https://www.bionity.com/en/news/44306/orchid-bioscience-reports-full-year-2004-financial-results.html