give us your money and shut up, page-10

This is from In - Pharma Technologist in December 2003.

Familiar words again!

Regards................


Gradipore feels weight of market displeasure

February 26 2003
By Richard Salmons

Shares in diagnostic test developer Gradipore slumped yesterday after the company warned that it was unlikely to reach its stated goal of halving its loss this financial year.

Gradipore stock fell 25? to $1.56 after the company announced a $7.9 million net loss for the December half, little changed from its $8.1 million loss in the previous corresponding period.

The company said revenue from its commercial separations business remained "lumpy and difficult to forecast", and it expected its second-half loss to be "significantly lower, in the range of $4 million". The company's net loss in the year to June 2002 was $18.3 million.

Gradipore said sales rose 26 per cent to $2.5 million in the half, but chief executive Robert Lieb admitted the results were mixed.

"In the first half, we achieved a 26 per cent increase in sales over last year, but this lagged our budget targets and resulted in a loss close to last year's levels. Revenue in the second quarter was somewhat lower than anticipated, primarily due to timing issues in all three business units," he said.

In a setback for Gradipore's life-science business unit, the launch of a new range of electrophoresis gels, originally scheduled for the second quarter, was delayed by about eight weeks due to steps to assure product quality. Gradipore said the range was now on the market and "sales are responding".

Gradipore shares jumped earlier this month after the company said it had successfully tested technology that could lead to a diagnostic device for "mad cow" disease. However, yesterday it said its diagnostics business unit had experienced slow second-quarter sales due to delays in receiving several expected large orders.

Mr Lieb said Gradipore's goal was to increase revenue while holding down expenditure to reduce the operating loss.