Paradigm genetics cut its losses in its most recent quarter by $400,000 while increasing revenues by $800,000, the company said Monday after the markets closed.
Paradigm (Nasdaq: PDGM) said it lost $3.7 million, or 11 cents a share, which was down from $4.1 million a year ago. Revenues hit $4.9 million, up from $4.1 million. Income increased through a new contract with Pioneer Hi-Bred, continuing contracts with Bayer CropScience and Monsanto, and the launch of its Paradigm Array Labs services. Paradigm also reported income from the National Institute of Environmental Health Sciences.
Operating expenses also increased, climbing to $8.5 million from $8.1 million. The company said the expenses included “targeted investments” to expand research and development programs in human health and agriculture.
The company had more than $15 million in cash and equivalents on hand as of March 31.