AGTC reports $0.4 million income in fiscal year 2017
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Applied Genetics Technologies Corporation reported a net loss of $3.2 million in the fourth quarter of the 2017 fiscal year compared with a net income of $2.7 million in 2016’s fourth quarter.
For the 2017 fiscal year, which ended June 30, the company reported a net income of $0.4 million compared with a net loss of $1.4 million in 2016, according to a press release.
AGTC reported $8.3 million in fourth-quarter revenue and $39.5 million in revenue for the full year compared with $12.1 million in 2016’s fourth quarter and $47.4 million in 2016’s fiscal year.
Research and development costs rose from $6.8 million in the fourth quarter of 2016 to $8.3 million in 2017, while those costs for the year decreased from $39.4 million to $26.2 million.
General and administrative expenses were $2.8 million for the quarter and $11.4 million for the year compared with $2.9 million and $10.1 million, respectively.