Source BioScience reports improved financial performance in Q3 2012

Source BioScience has published its interim management statement for the third quarter of 2012, during which it experienced strong year-on-year growth.

The firm saw an improved revenue performance in both its life science and healthcare divisions compared with the corresponding period last year, thanks largely to the traction enjoyed by its cytology business.

Widespread adoption of automated imaging for cervical cancer screening coupled with increasing market share for DNA sequencing underpinned these encouraging results.

Source's financial position at the end of September 2012 was robust with two million pounds in cash reserves, while overall performance was shown to be in line with expectations and a continuation of the progress made in 2011.

The company said: "The group has made good progress in the period and we expect full-year profits to be in line with market expectations."

Earlier this month, Source BioScience's chief executive officer Dr Nick Ash attended the BioMalaysia 2012 conference in Kuala Lumpur, where the company was able to share expertise on life science research and diagnostics solutions.