By Business Wirevia The Motley Fool
Filed under: Investing
Interleukin Genetics Reports Fourth Quarter and Year End 2012 Financial Results
WALTHAM, Mass.–(BUSINESS WIRE)– Interleukin Genetics, Inc. (OTCQB: ILIU) today issued financial and operational results for its fiscal fourth quarter and full fiscal year ended December 31, 2012.
“In 2012, with the successful completion of the University of Michigan study showing the value of our periodontal disease test, PST®, in guiding preventive dental care, Interleukin Genetics achieved a key milestone on the path to what we believe will be growth in commercialization of our proprietary molecular diagnostic technology,” reported Dr. Ken Kornman, Chief Executive Officer of Interleukin Genetics. “We are now focused on preparing to make PST widely available to guide more effective and efficient preventive care in dentistry. In addition, we continue to work with our weight management test partner, Amway, to integrate more directly with their new weight loss programs that launch in 2013. We are optimistic that our advances in 2012 will help to make Interleukin one of the leading commercial providers of molecular diagnostics as personalized healthcare becomes a reality.”
2012 Financial Highlights
The Company reported revenues of $2.2 million and a loss from continuing operations of $5.1 million, or $(0.14) per basic and diluted common share, for the year ended December 31, 2012, compared to revenues in 2011 of $2.9 million and a loss from continuing operations of $5.2 million, or $(0.14) per basic and diluted common share. The revenue decrease is primarily attributable to decreased sales of the Company’s Inherent Health® brand of genetic tests through the Amway Global sales channel.
Research and development expenses were $1.3 million for the year ended December 31, 2012, compared to $1.4 million for the year ended December 31, 2011. The decrease is primarily attributable to decreased consulting costs partially offset by increased compensation expenses as compared to the year ended December 31, 2011.
Selling, general and administrative expenses were $4.2 million for the year ended December 31, 2012, compared to $4.7 million for the year ended December 31, 2011. The decrease is primarily attributable to decreases in sales commissions paid to Amway Global as part of our Merchant Channel and Partner Store Agreement, compensation expenses and depreciation, partially offset by increased professional fees and employee separation costs attributable to the resignation of the Company’s former Chief Executive Officer on August 23, 2012.
Fourth Quarter Results
