The Marlborough-based molecular diagnostics firm, which is developing tests for colorectal cancer, posted sales of $1 million for the three months ended March 31, compared with $51,000 during the same period last year.
The company said its first-quarter sales include revenues from the Genzyme deal, in which it sold its prenatal and reproductive health assets for $17.2 million in cash, payable over 20 quarters.
But the infusion didn’t stem the flow of red ink, as Exact posted a net loss on the quarter of $3.8 million, compared with $2.5 million during the first quarter of 2008.
That’s largely due to surging operating expenses, which jumped from $2.7 million during the first quarter of 2008 to $4.9 million, on expenses associated with the Genzyme deal and severance packages for former CEO Jeffrey Luber and ex-CFO Charles Carelli Jr.
Exact ended the quarter with cash-on-hand of $20.6 million, a significant increase over the $4.9 million it held as of Dec. 31, 2008, when it closed the year with negative sales and a $9.7 million net loss.
It began the year with more bad news, successfully thwarting a hostile takeover by Sequenom, then flirting with a NASDAQ de-listing.