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Article Excerpt
Digene Corporation today reported financial results for the fiscal 2003 third quarter ended March 31, 2003.
Total revenues for the third quarter of fiscal 2003 increased 19% to $17.0 million compared to $14.2 million reported for the third quarter of fiscal 2002. Net loss for the third quarter narrowed to $0.6 million, or $0.03 per share, versus a net loss of $3.3 million, or $0.19 per share, for the fiscal 2002 third quarter. Net loss for the fiscal 2002 third quarter included a one-time charge of $2.5 million related to the buyback of certain test rights from Abbott Laboratories. Gross margin on product sales expanded to 77.4% for the third quarter of fiscal 2003 from 67.3% for the third quarter of fiscal 2002.
For the nine months ended March 31, 2003, total revenues increased 22% to $44.0 million compared to $36.2 million for the first nine months of fiscal 2002. Net loss for the nine months was $4.6 million, or $0.25 per share, compared to $4.9 million, or $0.29 per share, in the same period last year. Gross margin on product sales expanded to 77.0% for the first nine months of fiscal 2003 from 70.1% for the same period in fiscal 2002.
Commenting on the quarter, Evan Jones, Digene's Chairman and Chief Executive Officer, stated, "The third quarter of fiscal 2003 was one of significant achievement. We achieved record revenues, narrowed our net losses, and...
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