UPPSALA, Sweden, April 24, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROA) (Other OTC:PYRSF) today reported first quarter results for the period ended March 31, 2003.
Erik Wallden, President and CEO of Pyrosequencing, commented: "I am satisfied with the strong start to this year. In the first quarter, sales increased by 21 percent compared to the same period last year. Excluding currency effects, the increase was 40 percent. This is clear proof of the positive reception by the market of our second generation of systems for applied genetic analysis. It is also pleasing to note the positive effects of the significant cost-savings program carried out in the latter part of last year. Our total expenses, excluding the net effect of balanced development costs, have been reduced by 34 percent in the first quarter compared to the same period last year. We have completed the preparations for the introduction of Corbett's products in the U.S. Since April 1, these have been marketed and sold as an integrated part of our U.S. product portfolio. This addition means that we can now provide the market with a more comprehensive offering for Applied Genomics research. As we recently reported, we can now also look forward to extended cooperation with Corbett, which will include new countries in Europe."
First quarter 2003 highlights include:
- Received orders for 24 new systems (15 for the same period last year); 27 systems were recorded as revenue (15) -Lowered expenses, with 25 MSEK equivalent to 34 percent, as a direct result of the cost-savings program
- Completed preparations for the introduction of Corbett's products in the U.S.
- Launched Vacuum Prep Workstation, offering more effective sample preparation
- Signed a cross-licensing agreement with Genetic Technologies covering identification of non-coding DNA alterations
- Established a research collaboration with Thomas Jefferson University for the development of assays for inflammatory bowel disease
Pyrosequencing AB
Erik Wallden Mats-Olof Wallin
President and CEO Chief Financial Officer
erik.wallden@pyrosequenc mats-
ing.com olof.wallin@pyrosequencing.
com
+46 18 56 59 00 or +46 +46 18 56 59 12 or +46 70
70 326 98 70 593 5273
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