Oncor Inc. losses grow slightly, despite record sales in quarter

October 27, 1992

~TC Despite a 101 percent increase in product sales, Gaithersburg-based biotechnology company Oncor Inc.'s losses grew slightly in the third quarter, which ended Sept. 30.

For the nine-month period, the company's losses increased to $6.2 million from $2.4 million, which the company attributed to a one-time buyout of a research and development contract for $1.4 million and a doubling of the company's research expenditures.

Third-quarter product sales, which does not include revenue from research grants and contracts, increased to a record $1.54 million, compared with $769,206 in the 1991 period.

Net product sales in the first nine months of 1992 increased by 45 percent, to $3.97 million, compared with $2.74 million in the first nine months of 1991.

As of Sept. 30, 1992, the company had cash, cash equivalents and short-term investments of $31 million.

The company's sale of its chromosome probes for detecting specific human abnormalities was responsible for much of the growth in product sales, according to the company's president, Stephen Turner. About 25 percent of product sales in the third quarter came from business overseas.

Analysts have predicted the company will break even by the end of 1994.

Three months ended 9/30

......Revenue... .... .... Net.... .... .... Share

'92...1,642,979 ... ... ..(1,368,129)... . (0.09)

'91.....969,206 ... ... ..(1,352,778)... . (0.14)

% change 69.5.. ... .. ... NA... ... ... ... NA

Nine months ended 9/30

......Revenue... .... .... Net.... .... .... Share

'92...4,069,379... ... .. (6,193,199)... (0.45)

'91...3,790,707... ... .. (2,358,870)... (0.26)

% change +7.4... ... ... ... NA... ... ... .. NA

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