deCODE's 1st-qtr net loss widens to $26.7M

deCODE genetics' first-quarter 2008 revenues beat expectations, but a higher operating spend and losses related to auction rate securities saw the Icelandic firm's net deficit disappoint analysts, as it widened to $26.7 million from $22.6 million in the comparable period the year before.

Basic and diluted net loss per share was $0.44 versus $0.37 and, at the close of the reporting period, 61.8 million shares were outstanding. Revenue increased to $15.0 million from $8.6 million, thanks to continued growth in the company's genomic services business.

Pharmaceutical sector analysts at Lehman Brothers predicted that the genetics-led company would achieve first-quarter revenue of $8.0 million. However, the firm's loss was worse than the $21.6 million they had expected.