Nanogen reports third-quarter loss

Nov. 5, 2002 — Nanogen Inc., a San Diego developer of microarrays with integrated electronics and workstations, reported a third quarter loss of $8.2 million, or 38 cents per share, compared with a $7 million loss for the year-earlier quarter, according to a news release.

Revenues were $1.6 million for the third quarter, versus $3.2 million for the third quarter of 2001. Product-derived revenues were $957,000, versus $1 million for the same period last year. Nanogen, which has been transitioning its business model from sponsored research to product revenues, said it closed 10 commercial transactions for its NanoChip Molecular Biology Workstation during the quarter. The decline in total revenues was the result of anticipated decreases in revenue from sponsored research, according to the release.

The company also announced that its board of directors has authorized a stock repurchase program, which would allow the company to purchase up to 10 percent of its outstanding stock. Nanogen’s stock was down 7 cents at $2.02 in midafternoon trading Tuesday.


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