NEW YORK (GenomeWeb) – French molecular diagnostics firm Genomic Vision today reported a 15 percent increase in revenues for the first half of 2017 amid growing demand for its life science research (LSR) and in vitro diagnostics products.
For six-month period ended June 30, Genomic Vision's revenues climbed to €1.5 million ($1.7 million) from €1.3 million in the first half of 2016. LSR revenues were €590,000, up nearly 184 percent from €208,000 the year before, and included the sale of two FiberVision molecular combing platforms in the second quarter. Revenues in the half also included €77,000 in IVD sales, up from €62,000 in the first half of 2016,  €150,000 from Quest Diagnostics under a strategic alliance, and €696,000 in other revenues.
Genomic Vision's net loss for the first half of the year widened to €5.5 million from approximately €4.0 million in the same period a year earlier.
Sales and marketing expenses rose 72 percent rise to €1.8 million and general expenses rose 14 percent to €1.5 million, both of which offset an 18 percent reduction in R&D spending to €2.4 million.
At the end of June, Genomic Vision had cash and cash equivalents totaling €2.9 million. The company said that it expects to have funds enough to support its targeted expansion in the replication markets for the pharmaceutical industry, safety control in genome editing, and the sale of molecular combing equipment and services for academic research, as well as increased marketing of its IVD solutions, over the next 12 months.
"The strong sales performance in the second quarter of 2017 reflects the good reception of our products by the research market, and the continued investment in our sales teams is now producing encouraging initial results," Genomic Vision CFO Fréderic Tarbouriech said in a statement. "In order to maintain our momentum in the LSR and IVD markets, we have taken measures to reduce our operating expenses and focus our financial resources on specific value creating projects in these segments, key to our future growth."