NEW YORK (360Dx) – Genomic Vision said that its third quarter revenues grew 27 percent year over year with a sharp spike in in vitro diagnostic sales. The firm posted total revenues of €701,000 ($825,000) for the three months ending on Sept. 30, up from €550,000 in Q3 2016.
Total revenues grew to €512,000 from €231,000 a year ago. Within that, life science research sales rose to €161,000 from €133,000, while IVD sales climbed to €276,000 from €16,000, and revenues from Quest Diagnostics R&D decreased to €75,000 from €82,000 a year ago.
Genomic Vision said that life science research sales increased on the ramp-up of consumables, small equipment, and services sales, particularly for studying DNA replication. Meanwhile, IVD segment growth was due to the sale of a FiberVision platform to AmCare Genomics Laboratory in China, and the gradual uptick of sales of facioscapulohumeral muscular dystrophy probes to existing customers, notably to Quest.
Genomic Vision reported other revenues of €189,000 for the recently completed quarter, down from €319,000 in Q3 2016.
The Bagneux, France-based firm had cash and cash equivalents of €1.0 million as of Sept. 30.
Quest Diagnostics said in a Form 10-Q filed with the US Securities and Exchange Commission that it will pay $94 million for Cleveland HeartLab in an all-cash deal. Quest announced the transaction last week but declined to disclose the financial details at that time.
Clongen Laboratories said that its clinical laboratory received accreditation from the College of American Pathologists. Gaithersburg, Maryland-based Clongen Labs provides molecular diagnostics for infectious diseases, contract research, and preclinical trials support. Clongen Labs has held its CLIA certificate since 2004, and maintains clinical testing licenses from the states of Maryland, California, Florida, Pennsylvania, and Rhode Island.
NeoGenomics has opened its first international lab in Rolle, Switzerland. The facility will be a separate subsidiary called NeoGenomics Europe. The firm said that it brings NeoGenomics’ pharma services menu to the European market and will benefit clients by offering greater continuity of services for clinical trials based there.
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