19th Nov 2013 14:00
LONDON (Alliance News) - Source BioScience PLC said Tuesday that it remained confident in its outlook for the full-year as trading continued in line with expectations, and revenue during its third quarter ended September 30 was more than 20% ahead of the previous year.
The biotechnology company did not provide any financial details of revenues, only the percentage changes.
In the company's healthcare division, revenue from diagnostics services increased by 40% compared to the previous year, due to the launch of the company's sexually transmitted infection testing service. The company's healthcare products portfolio was bolstered by the acquisition of Inverclyde Biologicals, Source said.
In the company's LifeSciences division, volumes of its DNA sequencing products were up 70% during the quarter compared to the previous year as it introduced new services and expanded its laboratory network.
The company acquired Vindon Healthcare PLC for GBP12.2 million in August, and said that the integration of the new business was progressing according to plan. Source is finalising its business plan to migrate its DNA sequencing service and LifeSciences products portfolio to the US using its exiting facilities in Los Angeles and Atlanta. It expects to announce these plans in 2014 by the time of its full year results.
Shares in Source Bioscience were trading up 9.0% at 11.72 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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