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Hybritech Posts Seventh Straight Profitable Quarter

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Hybritech Inc., San Diego, reported its seventh consecutive profitable quarter and its first operating profit.

Net income for the first quarter ended March 31, 1985, was $366,000, an increase of 165% over the previous year’s first-quarter earnings. Operating revenue climbed 118% to $11.6 million. Of that total, product sales accounted for $6.4 million, an increase of 139%. And contract revenue--from joint product development ventures and two research and development partnerships--added $5.2 million, about double the prior year’s figure. Operating profit of $7,000 was the first in the biomedical firm’s six-year history. In last year’s first quarter, Hybritech reported an operating loss of $608,000.

Officials attributed the company’s growth to new products, including cancer diagnostics and pregnancy tests.

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Hybritech now has shifted “from having earnings based on interest income to earnings from product sales,” according to Timothy J. Wollaeger, senior vice president and chief financial officer.

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