Exiqon first-quarter revenue increases 29% to record DKK 20.7M

Reported figures are for the full reporting period unless otherwise stated. Figures for the comparable reporting period last year are stated in parenthesis after realized figures. Comparative numbers in the statement of comprehensive income do not include numbers from discontinued operations. Comparative numbers in the statement of financial position include numbers from the discontinued operations.

Exiqon A/S (Copenhagen:EXQ) today announced results for its first quarter ending 31 March 2010. Revenue for the first quarter increased 29% to a record DKK 20.7 million. Revenue grew 31% over the same period in the previous year when excluding the negative impact from currency translation. Operating expenses decreased 30% to DKK 21.9 million. Earnings per share (EPS) grew 56% to DKK -0.37 in the first quarter of 2010, versus DKK -0.84 in the same period in 2009 (continued operations).

Highlights * Revenue increased 29% to DKK 20.7 million (DKK 16.0 million). The organic growth in life science research product sales (including Pharma Services) was 45% in the first quarter of 2010, when excluding OEM sales and one-time reagent sales associated with license agreements in the comparative quarter last year. * Operating expenses decreased 30% to DKK 21.9 million (DKK 31.3 million) following the restructuring completed in 2009 to improve the company's cash flow. * Gross profit improved 118% to DKK 11.1 million (DKK 5.1 million). * EBIT increased 59% to DKK -10.8 million (DKK - 26.2 million). * Net loss from continued operations was DKK 11.1 million (DKK 25.4 million). EPS amounted to DKK -0.37 (DKK -0.84). * On 19 March 2010, Exiqon Life Sciences launched a new product line - miRCURY LNA(TM) miRNA Inhibitors - for studying miRNA function. * On 22 March 2010, Exiqon Life Sciences launched its 5th generation microarray that provides 100% coverage of all miRNAs listed in the latest miRBase 14.0 in human, mouse, and rat together with a newly developed protocol for single color microarray experiments. * Exiqon expects to conclude discussions on the divestment of Oncotech, Inc. before end of the second quarter, 2010.

CEO Lars Kongsbak says: "I am pleased with the first quarter record revenues and strong organic growth on top of significantly improved gross margins and overall reduced costs. It is clear that we have emerged from 2009 in good shape and now benefit from the recent restructuring of Exiqon Life Sciences."