SDIX (Nasdaq: SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology and diagnostic applications, today reported financial results for the quarter ended September 30, 2012.
- Sold Food Safety and GMO Businesses to Romer Laboratories– On September 28, 2012, SDIX announced that it had signed an agreement to sell the assets of its Food Safety and GMO businesses to Romer Labs for $13.5 million. The sale, which was completed in October, included the intellectual property, current inventory and commercial contracts, as well as equipment and staff of the two businesses. The Company is now focused solely on its Life Science business.
- Advanced Technology for Transmembrane Targets – The Company has completed work on its technology for generating monoclonal antibodies to transmembrane proteins and has presented a comprehensive data set to potential customers and partners for evaluation. Business development activities are now the focus as the Company seeks to build additional partnerships around this technology. The Company expects that spending on R&D will decrease in the coming quarters due to the completion of the data package.
- Balance Sheet Strengthened- The Company completed the third quarter of 2012 with cash and cash equivalents of $7.0 million and stockholders’ equity of $16.8 million. The cash balance does not reflect the estimated net proceeds of $12.4 million from the October sale of the Food Safety and GMO assets.
Revenue for the third quarter of 2012 was $4.0 million, decreasing from $4.1 million for the same period in 2011. Year to date revenue for the nine months ended September 30, 2012 was $11.6 million, decreasing 9% from $12.7 million for the same period in 2011.
Net loss for the third quarter of 2012 was $1.0 million, compared to a net loss of $694,000 for the same period in 2011. The net loss for the quarter included income from discontinued operations of $690,000 in 2012 and $863,000 in 2011. Net loss for the nine months ended September 30, 2012 was $3.7 million, compared to a net loss of $2.0 million for the same period in 2011. Net loss for the nine months ended September 30, 2012 included income from discontinued operations of $1.7 million compared with income from discontinued operations of $2.7 million in the same period in 2011.