Sarasota's DNAPrint Genomics loses money, but sees revenues climb
STAFF REPORT
SARASOTA -- DNAPrint Genomics, the local genetic testing company, said it lost $846,034 during the third quarter of last year, the most recent period it has reported.
That compared with a loss of $1.6 million during the same period in 2003, the Sarasota-based company reported in a filing with the Securities and Exchange Commission on Wednesday.
DNAPrint reported declining sales for the quarter, $165,647 compared with $234,642 for the same 2003 period. But in the first nine months of last year, revenues rose 15 percent, from $565,084 to $648,925.
The company reported total assets of $1.2 million at the end of the third quarter of 2004, compared with $1 million at the end of the same 2003 period.
DNAPrint shares totaled about 733.6 million at the end of the third quarter last year, roughly a 43 percent increase compared with the 513.5 million shares it had at the end of third quarter 2003.
The company reported that during the quarter ending Sept. 30, the company spent $191,924 on research and development. For the nine months ending with that quarter, DNAPrint spent $1.2 million, down from $2.5 million in the first nine months of 2003.
The company sells its genetic tests under the name ANCESTRYbyDNA for people who want to find where their forebears came from.
The company also sells its product for forensic uses -- to determine the racial mix of a criminal suspect, for example. The product has been used to turn the tide in several high-profile criminal cases in the United States and abroad.
Revenues from that product line were $44,800 during the first nine months of last year, compared with $4,000 during the same period in 2003.
The company's over-the-counter shares were selling for 1.5 cents at the close of regular trading, down a fraction of a penny.
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