lowered its full-year guidance, despite posting a narrower-than-expected second-quarter loss, saying second-half revenue growth would slow.
The company lost $4.4 million, or 16 cents a share, in the quarter, compared with a loss of $9.4 million, or 35 cents a share, a year ago. Analysts polled by tracking firm Thomson Financial/First Call had been expecting a loss of 20 cents.
Revenue came in slightly below estimates at $14.1 million, up 46% from the year-ago quarter, but falling short of the consensus estimate of $15.4 million. Gene Logic added that most of the revenue growth came from its GeneExpress subscription service.
Looking ahead, the company forecast slower revenue growth for the rest of the year. "Some customers have deferred spending in recent months as a result of current economic conditions in the drug development industry. Gene Logic expects this trend to continue through the end of 2002," the company said.
For the full year, the company forecast a loss of 93 cents a share on revenue of $55.2 million, compared with analyst estimates for a loss of 78 cents on revenue of $65 million.
Shares of Gene Logic closed Friday before the news at $7.94.