Immunicon reports 3Q product, service sales loss of $187,000 as revenue rises 69%

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Immunicon Corp. reported product and service revenue of $1.8 million for the three months ended Sept. 30, up from, $1.0 million for third-quarter 2005.

Instrument revenue rose to $1.0 million from $715,000, and reagent revenue jumped to $488,000 from $153,000 for the comparable periods.

Service revenue was also up in the third quarter at $247,000, from $174,000 in the year-ago quarter.

The company reported a loss on product and service sales of $187,000 for the quarter, compared with a gross profit on product sales of $207,000 in the corresponding period in 2005.

For the three-month period, Immunicon's net loss was down at $5.6 million, or $0.20 per share, from $7.1 million, or $0.26 per share, in the previous three-month period.

Costs of goods sold were up at $1.9 million for the period, from $835,000 for the three months ended Sept. 30, 2005.

Research and development expenses for the three month decreased to $3.1 million from $5.8 million in the third-quarter 2005.

The company had cash, cash equivalents and investments of $29.5 million at Sept. 30.

For the nine months ended Sept. 30, Immunicon reported product and service revenue of $5.1 million, including $3.0 million in instrument revenue, $1.2 million in reagent and consumable product sales and $924,000 in service revenue.

The company also reported costs of goods sold of $5.9 million and research and development expenses $9.5 million for the nine-month period.

Immunicon's reported net loss for the first nine months of 2006 of $16.3 million, or $0.59 per share, was down from the reported net loss of $21.2 million, or $0.86 per share, for the first nine months of 2005.

"Our product and service revenue increased by 69% in the third quarter of 2006 compared to the third quarter of 2005," president and chief executive officer Byron D. Hewett said in a company news release.

"Awareness and interest in our data and clinical utility of our products continue to grow in all key market segments including physicians, hospitals and research institutes, Pharma/biotech and reference laboratories."

Immunicon company highlights also included the addition of two major clients, AstraZeneca and MolMed, for its Pharma Services business, and positive results from the pivotal clinical trial in metastatic colorectal cancer.

Based in Huntingdon Valley, Pa., Immunicon develops proprietary cell- and molecular-based human diagnostic and life science research products for cancer disease management.

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