Exiqon 2010 first nine months revenue increases 36% to DKK 65.7 million

 (Reported figures are for the full reporting period unless otherwise stated. Figures for the comparable reporting period last year is stated in parenthesis after realized figures. Comparative numbers in the statement of comprehensive income does 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 the first nine months of 2010 ending 30 September 2010. In the third quarter of 2010, organic growth in life science research product sales was 45% when excluding OEM sales and reagent sales associated with license agreements. Operating expenses decreased 31% to DKK 19.9 million in the third quarter.

For the first nine months of 2010, revenue increased to DKK 65.7 million or 36% when excluding (5% including) one-time payments in the comparative numbers for the same period in 2009. Exiqon now expects total revenue for 2010 to be at the upper end of the previously guided interval of DKK 80-90 million and otherwise confirmed its financial outlook for 2010. The company provided an update on the company's strategy for the coming years.

Highlights:

• In the third quarter of 2010, revenue decreased 23% to DKK 20.9 million (DKK 27.2 million) due to a one-time milestone payment affecting the comparative numbers for 2009. Organic growth in life science research product sales (including Pharma Services) was 45% in the third quarter of 2010, when excluding OEM sales and reagent sales associated with license agreements.

For the first nine months, revenue increased 5% to DKK 65.7 million (DKK 62.6 million). The organic growth in life science research product sales (including Pharma Services) was 53% in the first nine months of 2010 when excluding OEM sales and reagent sales associated with license agreements.

• In the third quarter of 2010, operating expenses decreased 31% to DKK 19.9 million (DKK 29.1 million). For the first nine months of 2010, operating expenses decreased 28% to DKK 64.5 million (DKK 89.8 million) as a result of the restructuring of Exiqon Life Sciences that was undertaken in 2009.
• Gross profit improved 3% to DKK 32.7 million (DKK 31.6 million).
• EBIT improved 45% to DKK -31.8 million (DKK -58.2 million).
• Net loss from continued operations was DKK 33.5 million (DKK 56.8 million). EPS amounted to DKK -1.07 (DKK -1.87).

See the full release in the attached PDF or at www.exiqon.com/investor/portal