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Reykjavik, ICELAND, March 3, 2005 deCODE genetics (Nasdaq:DCGN) today announced its consolidated financial results for the year ended December 31, 2004. A conference call to discuss the years results and recent operating highlights will be webcast live tomorrow, Friday, March 4, at 8:00am EST/1:00 pm GMT (details below).
Revenue for the year ended December 31, 2004 was $42.1 million, versus $46.8 million for the year ended December 31, 2003. This reflects the gradual redeployment of our discovery and product development capabilities from the generation of near-term revenue through service partnerships to the creation of significant longer-term value through the development of new drugs in major indications. At December 31, 2004, the company had $15.9 million in deferred research revenue, which will be recognized over future reporting periods.
Net loss for the year ended December 31, 2004 was $57.3 million, compared to $35.1 million for the year ended December 31, 2003. The principal factors in this increase are higher research and development expense related to the advancement of the companys drug development programs; lower revenues; costs associated with the service of the companys senior convertible notes issued in April 2004; and the impact, both realized and unrealized, of foreign exchange fluctuations. Basic and diluted net loss per share was $1.07 for the full year 2004, compared to $0.68 for the full year 2003. At the close of 2004, the company had approximately 54.5 million shares outstanding.
At December 31, 2004, the company had $198.3 million in cash and investments. This amount includes restricted cash, cash equivalents, marketable securities and other investments, and reflects the net proceeds from the companys $150 million convertible notes issue completed in April 2004. Excluding the net proceeds of this financing, the companys balance of cash and investments decreased by $20.2 million from the end of 2003.
Cost of revenue, including collaborative programs, for the year 2004 was $43.4 million, compared to $45.9 million for 2003. These figures reflect the cost of services provided to customers and collaborators, including the entirety of costs incurred in connection with programs that have been partnered and for which we receive research funding.
Research and development expense for proprietary programs, excluding cost of revenue, was $24.9 million for the full year 2004, compared to $17.6 million for the full year 2003. This increase is the result principally of costs associated with the companys Phase IIa trial of DG031, which is being developed for the prevention of heart attack, and the
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CIK: 1022974
Form Type: 10-K Annual Report
Accession Number: 0001047469-05-006706
Submitted to the SEC: Wed Mar 16 2005 2:45:56 PM EST
Accepted by the SEC: Wed Mar 16 2005
Period: Friday, December 31, 2004
Industry: Commercial Physical And Biological Research