NEW YORK (GenomeWeb) — Epigenomics reported today an 88 percent year-over-year increase in second quarter revenues amid strong growth in product sales and higher licensing income.
For the three-month period ended June 30, Epigenomics’ revenues rose to €462,000 ($535,912) from €246,000 in the same period last year. Product sales — which include the company’s US Food and Drug Administration-approved Epi proColon blood-based colorectal cancer screening test — were up nearly 66 percent to €250,000 from €151,000.
Licensing income in the quarter — derived primarily from Chinese commercialization partner BioChain — climbed to €212,000 from €95,000 the year before.
Epigenomics shaved its Q2 net loss to €2.6 million, or €.11, from €4.1 million, or €.18, in the same quarter last year.
R&D spending edged up 7 percent to €1.5 million from €1.4 million, while SG&A costs fell 38 percent to €2.1 million from €3.4 million, reflecting unusually high legal fees in Q2 2017 related to a failed takeover bid by a Chinese private equity firm.
At the end of the second quarter, Berlin-based Epigenomics had cash and cash equivalents totaling €8.6 million.
Looking ahead, Epigenomics said it expects revenues for 2018 to be between €2 million and €4 million.