The diagnostics and research firm reported a loss of US$0.06 per share on revenue of US$25.6mln compared with flat earnings on revenue of US$27.09mln in the previous year’s third quarter.
The New York-based company fell below Wall Street estimates of an earnings loss of US$0.02 EPS on revenue of $27.92mln.
The biotech uses genetic processes to develop diagnostics and therapeutics. It also provides the medical community with reference laboratory services.
The company points to a decrease in service revenues as the reason behind the earnings loss, reporting US$18.1mln this quarter versus US$19.6mln in the prior year’s third quarter.
“Our quarterly services revenue and gross margin was adversely impacted by a customer shift to internalizing genetic ordering, adverse weather, and payment practices at a commercial insurance payor,” said CEO Barry Weiner.
Shares of the company were down less than 1% to US$6.65 in Monday after-hours trading.