MetroWest495 Biz

MetroWest495 Biz | August 2014 5 roundup RXi losses hold steady RXi Pharmaceuticals Corp., a clinical-stage biotechnology company based in Marlborough, reported that its net losses held steady at $2 million in the second quarter compared to the same period a year ago. The loss reduced stockholders' loss per share to 23 cents, compared to 39 cents in the second quarter of 2013. Meanwhile, RXi reported sales of $12,000, down from $225,000. So far this year, the company has seen its losses shrink by $12.1 million, which it attributed to a one-time charge of $12.3 million in the first quarter of 2013 for the purchase of the RNAi-related assets of biotech company OPKO Health Inc. RXi has also initiated a third phase-2 study of its anti-scarring drug RXI-109, which reduces dermal scarring in surgical patients. The study will measure RXI-109's effectiveness in reducing hypertrophic scars after elective scar-revision surgery. Patients will be followed for nine months after receiving treatment for portions of their scars. Independent reviews will determine the effectiveness of the treatment in preventing scarring, compared with the untreated portions of the scars. MaRlBoRough's sepaton acquiRed Data storage company Sepaton of Marlborough has been acquired by Hitachi Data Systems of Santa Clara, Calif. The deal was announced in a blog post by a Hitachi executive, as well as an industry website, StorageReview.com. Terms were not disclosed. The executive, Sean Moser, said on his blog that Sepaton will be a wholly-owned subsidiary of Hitachi. He added that the companies have worked together "for many years and have a number of mutual customers who have experienced the power of our combined solutions." Sepaton, founded in 2003, is privately held, and has international offices in London and Beijing. doctoRs eXpRess opening in MaRlBoRough AFC Doctors Express, a nationwide urgent care franchise, plans to open its second Central Massachusetts location in Marlborough in October. The office will be located at 42 Boston Post Rd. West, close to Exit 24B off Interstate 495. It will treat walk- in patients and offer such services as vaccinations, physicals, x-rays and lab services. Revenue, pRofits soaR at WestBoRough's viRtusa Business consulting and technology outsourcing company Virtusa Corp. of Westborough reported double-digit percentage gains in revenue and net income for the first quarter of its 2015 fiscal year. Virtusa said it took in $112.3 million in revenue for the quarter, which ended June 30. That represented a jump of 24 percent over the $90.5 million it posted in the same quarter last year. Meanwhile, its net income, $9 million (31 cents per diluted share), was 20 percent higher than the $7.52 million (29 cents) it earned in the first quarter of its 2014 fiscal cycle. The income gain from operations was even higher, 26 percent, from $8.9 million last year to $11.2 million this year. The company attributed the results to more global diversification of its client base. steady Rise foR sevcon in southBoRough Revenue grew for the sixth consecutive quarter at Southborough-based Sevcon, as the maker of microprocessor-based controls for electric and hybrid vehicles saw increased sales in Asia and the United States. The company reported an 11-percent year- over-year increase in sales for its third fiscal quarter of 2014, from $8.7 million last year to $9.7 million. And, helped by a 79-percent increase in net income — from $124,000 to $222,000 — profited $872,000 during the first three quarters of its fiscal year, a nearly $2-million turnaround from the $1.1-million loss it had reported at the same point in 2013. costs lead to laRgeR losses at Kopin coRp. While revenue for wearable-technology company Kopin Corp. of Westborough inched upward in the second quarter, it saw its losses widen due to higher research and development costs. For the quarter, Kopin reported revenue of $6.9 million, compared with $6.1 million for the same period in 2013. The company has increased research and development spending for both its own products and on a consulting basis. The company said the former cut into profits, while the latter helped boost revenue. holliston's haRvaRd appaRatus loses $2.5M Holliston-based Harvard Apparatus Regenerative Technology Inc. (HART) reported a net quarterly loss of $2.5 million, or 32 cents per share, higher than the $2.1 million it lost in the same period in 2013. HART — which makes regenerated human organs — attributed the wider losses primarily to an increase in general and administrative expenses related to its spinoff from Harvard Bioscience, also of Holliston, last November. neW MaRlBoRough hospital eXec taKes on 2 Roles An executive with Saint Vincent Hospital has been named to a new dual role of chief nursing officer and chief operating officer at Marlborough Hospital, the hospital announced. John G. Kelly, a registered nurse with more than 22 years of experience as a health care provider in Massachusetts — the last seven in hospital leadership roles — will be responsible for both in-patient and outpatient services, according to Steven Roach, president and CEO at Marlborough Hospital, part of UMass Memorial Health Care. Kelly's most recent role was as vice president of ambulatory services at Saint Vincent. Revenue juMp foR littleton RetaileR Littleton-based equestrian products retailer Dover Saddlery Inc. reported a 6-percent jump in revenue, thanks to the performance of its brick-and-mortar stores. Total revenue for the second quarter of 2014 increased 6.2 percent to $24.4 million, compared to $22.9 million in the second quarter of 2013. Perhaps bucking a trend, its retail store channel outgained its direct sales channel for the quarter. Retail store revenue increased 13.2 percent to $13.3 million, primarily due to the opening of new stores, while same-store sales outpaced the industry average, rising 5.8 percent over the second quarter of 2013. Meanwhile, direct-channel sales dipped 1.1 percent to $11.1 million from $11.2 million. WoRK Begins on WestBoRough siKh teMple Waltham-based Vantage Builders Inc. said it has begun construction of a Sikh temple on Flanders Road in Westborough, which will become the principal place of worship for the New England Sikh community. The 21,000-square-foot temple, which will be known as Gurduara Sahib, will house classrooms, meeting places, a community kitchen and library, and living quarters of the community's religious leader, according to Vantage. The project EVErythiNg yOu NEEd tO KNOW ABOut mEtrOWEst s page 6 quaRteRly Revenue, pRofits soaR at tjX T he Framingham-based parent of off-price retailers T.J. Maxx, Marshalls and HomeGoods reported another strong quarter last week, with a 7-percent increase in sales and a 14-per- cent jump in net income. The TJX Cos. said net sales for its second quarter, which ended Aug. 2, to- taled $6.9 billion, up from $6.4 billion in the same quarter last year. Meanwhile, same-store sales jumped 3 percent, lower than a 4-percent rise in 2014. Meanwhile, the company reported net income of $518 million, or 75 cents per share. That beat analysts' estimate of 73 cents, according to TickerReport.com. In a statement, CEO Carol Meyrow- itz said she was "very pleased" with the numbers. She cited an increase in customer traffic across all company brands. The revenue and profit increases were spread across all geographies where TJX has stores: the U.S., Canada and Europe. Meyrowitz also said TJX is raising its financial expectations for the company's full fiscal year, which will end in January 2015. For the third quarter, which she said is off to a "solid start," TJX expects earnings of between 81 and 85 cents per share, slightly below 86 cents last year. For the full year, TJX expects earnings to fall between $3.08 and $3.16 per share, above last year's $2.94. The company also said it expanded to accommodate more business in the second quarter, adding 23 stores. 0 100 200 300 400 500 600 700 800 U.S Canada Europe in millions Marshalls, T.J. Maxx HomeGoods $ 648 $ 686 $ 81 $ 95 $ 91 $ 95 $ 41 $ 56 QUARTER ENDING… Aug. 2, 2013 Aug. 2, 2014 Wide-ranging growth TJX profits in its second fiscal quarter of 2015, by geography: Source: The TJX Cos.

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