Business & Finance
SQI Diagnostics incurs higher net loss of USD1,607,000 for Q3 2017
25 August 2017 -

Life sciences company SQI Diagnostics Inc (TSX-V:SQD)(OTCQX:SQIDF) stated on Thursday its net loss of USD1.61m (USD0.02 net loss per share) for the three months ended 30 June 2017.

This marks a decline in earnings when compared with the lower net loss of USD1.45m (USD0.01 net loss per share) for the quarter-ended 30 June 2016.

Revenue of USD176,000 was collected for the three months ended 30 June 2017, down over revenue of USD235,000 for the same period last year.

While revenues were down somewhat quarter over quarter, this is primarily related to the reduction in service-based revenues during the transition from doing intensive product development for its diagnostic customers.

R&D expenditures of USD848,000 were recorded for the three months ended 30 June 2017, a rise from R&D of USD846,000 for the same period last year. The R&D expenditures were reduced in 2016 by SR&ED investment tax credits of USD360,000 which represented tax credits claimed for the 2014 and 2015 tax years.

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