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Digene Corp. narrows loss in third quarter.(Brief Article)
2002 JUN 13 - (NewsRx.com & NewsRx.net) -- Digene Corp. (DIGE) reported revenues for the third quarter increased 58% to $14.2 million compared with $9.0 million reported for last year's third quarter.
Net loss, excluding a one-time charge, narrowed to $0.8 million, or $0.05 per share, compared with a net loss of $1.6 million, or $0.10 per share in last year's third quarter. As previously disclosed, the Company incurred a one-time charge of $2.5 million, or $0.14 per share, related to the buyback of Chlamydia/Gonorrhea test rights from Abbott Laboratories. Including this charge, the net loss for the fiscal 2002 third quarter was $3.3 million, or $0.19 per share. Gross margin on product sales expanded to 73.5% in the quarter from 67.9% in the third quarter of 2001.
For the 9 months ended March 31, 2002, total revenues rose 51% to $36.2 million from $23.9 million in the comparable period last year. Excluding the aforementioned charge, net loss for the 9 months was $2.4 million, or $0.14 per share, compared with $5.1 million, or $0.31 per share, in the same period last year. Including the one-time charge, net loss for the 9 months of fiscal 2002 was $4.9 million, or $0.29 per share.
Commenting on the quarter, Evan Jones, chairman and chief executive officer, stated, "Our record performance this quarter underscores the growing demand for Digene's Hybrid Capture HPV Test kits. We recorded 133% HPV revenue growth over last year's comparable quarter. In addition HPV kit sales grew at 84% before revenues recorded on account of minimum purchase guarantees by Roche of approximately $2.3 million, with respect to which no cost of sales was recognized. We ...
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