Source BioScience achieves significant growth in first quarter

Source BioScience has published its interim management statement covering the first quarter of 2012, a period marked by substantial growth for the business.

The company saw a double-digit increase in revenue compared with the same period last year, thanks to significant developments for its life science division's DNA sequencing services and the healthcare unit's cervical cancer screening business.

Since the launch of Source BioScience's DNA sequencing offering, it has greatly increased its UK market share, while its proprietary GenomeCube search engine and bioinformatics tool has seen major increases in traffic and order numbers.

Meanwhile, its liquid-based cytology service has experienced "exceptionally strong" demand and encouraging progress has been made on the implementation of its BD FocalPoint imaging solution for cervical cancer screening.

The company said: "We believe this period's performance reflects the substantial opportunities we see for growth and development across both our life sciences and healthcare divisions."

It comes after Source BioScience saw a 13 percent annual increase in revenue last year.