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Carrington Reports Third Quarter 2007 Results
December 10th, 2007
2007 DEC 10 -- Carrington Laboratories, Inc. (BULLETIN BOARD: CARN) reported revenue for the quarter ended September 30, 2007 of $6.5 million, compared to $6.7 million in the year-ago period, as the Company discontinued certain unprofitable or marginally profitable products during the third quarter of the current year. However, the revenue in the quarter just ended, was 16 percent higher than the $5.6 million revenue reported for the second quarter of 2007, the second consecutive quarter-to-quarter revenue gain this year. Medical Services revenue for the third quarter of 2007, at $1.9 million, was down from the year-ago level of $2.3 million. Consumer Services revenue grew 5 percent for the quarter, to $3.8 million from $3.6 million in the year-ago period. Grant income received for funding of research for the Company's wholly-owned drug delivery subsidiary, DelSite Biotechnologies, Inc., decreased by 4 percent for the quarter, to $776,000 from $811,000 a year ago. Net loss for the third quarter of 2007, including $524,000 of net funding of DelSite, was $2.2 million, or 21 cents per basic and diluted share, an increase of $485,000 from the net loss reported for the year-ago quarter of $1.7 million, or 16 cents per basic and diluted share. Pro forma loss for the quarter, exclusive of DelSite net funding, was $1.7 million compared to a $1.1 million pro forma loss in the prior-year period. "We continue on the road to bringing growth and profitability to our core business," said Carlton E. Turner, PhD, Carrington's CEO. "Our product revenue and margins improved again this quarter as we grew our more profitable product lines and reduced our overall operating costs." Commenting on DelSite, Dr. Turner stated, "We continue to focus our strategy on building the clinical foundation of the GelSite(R) polymer drug delivery and adjuvant technologies and on moving them toward commercial introduction. We are seeing increasing interest from both commercial companies and government health agencies in our vaccine and therapeutic delivery systems for both nasal and injectible formulations. In addition, we continue on the path toward filing an IND and conducting a Phase I clinical study in early 2008 of the GelVac(TM) nasal powder influenza H5N1 (bird flu) vaccine." Keywords: Carrington Laboratories, Inc., Biotechnology Business, Biotechnology Company, Drug Delivery, Carrington Laboratories This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2007, Biotech Business Week via NewsRx.com.
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