NEW YORK (360Dx) — French diagnostic and theranostics firm Theradiag on Wednesday reported a 9 percent decline in revenues for the first half of 2018 amid lower sales from its theranostics operations.
In its interim results for the six-month period ended June 30, Theradiag said its revenues fell to €4.6 million ($5.4 million) from €5.0 million in the same period of 2017. The company attributed the drop to non-recurring theranostics revenue from pharmaceutical partners in H1 2017.
However, sales of the company's Lisa Tracker drug response monitoring kits for routine use were up 11 percent in the first half of the year, while H1 in vitro diagnostic revenue rose 3 percent year over year.
Theradiag said its operating costs in the first half of 2018 were down 20 percent following the recent completion of a restructuring, helping to narrow its net loss in the period by 88 percent to €89,000 from €743,000.
"With the growth in sales of Tracker kits for routine use, the improvement in our gross margin, and the benefits of the late 2017 restructuring program, we came close to break even in the first half of 2018, in line with our stated target for 2018 as a whole," Theradiag CEO Michel Finance said in a statement.
At the end of June, Theradiag had €3.7 million in cash and cash equivalents.