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Biotech / Medical : Paradigm Genetics -- PDGM -- Ignore unavailable to you. Want to Upgrade?


To: tuck who wrote (90)8/16/2005 11:26:06 AM
From: Mike McFarland  Read Replies (1) | Respond to of 101
 
Icor.ob earnings:

From the PR

As of June 30, 2005, Icoria reported unrestricted cash, cash equivalents and short-term investments in the amount of $8.7 million, down from $9.6 million as of December 31, 2004. In addition, as of June 30, 2005, the company's assets included accounts receivable of $4.6 million. A large portion of this receivable balance related to several invoices from the NIEHS contract which are expected to be collected in the third quarter of 2005.

From the 10q

1. We recognize revenues relating to our partnership with NIEHS on a cost plus fixed fee basis, generally as samples are processed. In the first quarter of 2005, revenues increased primarily as a result of a higher number of samples processed. The Company expects this sample volume to continue in 2005 and, as a result, we expect revenues will increase in 2005 when compared to 2004.

2. We recognize revenues relating to our service business, Paradigm Array Labs™ , as we complete work for its various customers. Revenue during the second quarter of 2005 decreased compared to the same period in 2004 primarily due fewer samples being processed.

3. We recognize revenues under our grants as the related expenses are incurred. Grant revenues for the three months ended June 30, 2005 and 2004 were generated from the ATP grant. Revenue during the second quarter of 2005 increased compared to the same period in 2004 due to a change in our grant partner which temporarily delayed performance on the grant for a brief period in 2004.

4. The final revenue related to the Bayer contract was recognized during the three months ended March 31, 2005.

5. We recognize revenues relating to our partnership with Monsanto by comparing the number of genes analyzed during the period to the total number of genes to be analyzed over the term of the contract. Revenues related to this commercial partnership ended during the second quarter of 2005 as a result of the Monsanto transaction occurring in March 2005 and all assets transitioning to Monsanto in May 2005.

6 We recognize revenue on the Monsanto transition services agreement as services are delivered. This agreement began in May 2005.

7. We recognize revenues relating to our partnership with DuPont- Pioneer Hi-Bred by comparing the number of plant lines analyzed during the period to the total number of plant lines to be analyzed over the term of the three-year contract. This commercial partnership was signed in December 2003 and performance began during the first quarter of 2004.

8 We recognize revenues relating to our partnership with DuPont by comparing the number of traits analyzed during the period to the total number of traits to be analyzed over the term of the one year contract. This commercial partnership was signed in early 2005 and began to make significant progress during the second quarter of 2005.