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Celera trims 1Q loss
graphic October 24, 2001: 7:51 a.m. ET

Gene mapping firm cuts shortfall on increase in revenue.
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NEW YORK (CNNmoney) - Celera Genomics Group, one of the firms to successfully map the human gene sequence, posted a narrower fiscal first-quarter loss than anticipated Wednesday as higher sales and lower research and development expenses helped the company pare its losses.

Rockville, Md.-based Celera posted a loss of $15.6 million, or 25 cents per share, down from a loss of $25.7 million, or 43 cents per share, a year earlier. Analysts expected the company to lose 46 cents per share, according to earnings tracker First Call.

Revenue rose to $27.3 million from $18.3 million in the year-earlier quarter.

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Celera said the quarter included a pretax loss of $9.4 million for its interest in a joint venture with Applied Biosystems.

In addition, Celera said it expects 40 percent to 50 percent revenue growth in 2002.

Analysts expect the company to lose 48 cents per share in its second quarter ending Dec. 31, according to First Call.

Shares of Celera (CRA: Research, Estimates) fell 50 cents Tuesday to $25.90. graphic




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