Orchid Receives Frost & Sullivan Award For Service Quality Leadership
Date Published: 5 Aug 2003
PRINCETON, N.J., July 30, 2003 -- Orchid BioSciences, Inc. (Nasdaq: ORCH) today announced that it has been selected as the recipient of Frost & Sullivan’s 2003 Service Quality Leadership Award for its achievements in 2002 in growing revenues, focusing and restructuring its business and penetrating new markets.
Frost & Sullivan’s prestigious Service Quality Leadership Award is presented each year to the company in its sector that has achieved the most significant gains in market share. Frost & Sullivan cited Orchid’s 2001 acquisitions of Lifecodes and U.K.-based Cellmark Diagnostics as a catalyst enabling Orchid to establish market leadership in the growing segments of forensic and paternity testing and globally expanding its customer base. Another area where Orchid is building market leadership is in the growing field of public health DNA testing for food safety, where in 2002 Orchid expanded its pioneering work to provide high throughput testing services to help British farmers breed sheep with reduced susceptibility to the prion disease scrapie, which is similar to mad cow disease and therefore a potential threat to the food supply. Also noted was Orchid’s success in restructuring its business to focus on its DNA testing service businesses in high growth markets while divesting its lower growth, investment-intensive SNP genotyping and diagnostic instrumentation businesses.
"Orchid BioSciences’ strong growth in 2002 reflects its strategic decision to focus on opportunities in DNA diversity testing and analysis, which offer significant opportunities for strong financial returns," said Frost & Sullivan industry analyst Sinead Igoe. "Growth has continued into 2003 as a result of Orchid's continued progress in leveraging its market strength and innovative technology to build share in high potential commercial segments."
Orchid’s application of its proprietary single nucleotide polymorphism, or SNP technology throughout its businesses to achieve competitive advantage was cited as an example of how the company is building upon its technology strength and its market leading position. Last year, Orchid successfully adapted this technology for use in forensic DNA analysis of degraded samples to identify victims of the World Trade Center disaster in cases where traditional methods had failed to produce reliable results. Recently, Orchid was the first company to receive approval by the American Association of Blood Banks to use SNPs as a primary marker for paternity testing, a more efficient and cost effective replacement for the commonly used STR technique. "These initiatives illustrate the innovation and leadership qualities exhibited by Orchid," Igoe added. "The transformation of established DNA testing markets with Orchid’s SNP technology should result in better service for customers and greater growth and profitability for Orchid BioSciences."
"We are honored to accept Frost & Sullivan’s recognition of Orchid’s accomplishments to date in reinforcing our leadership position in DNA testing services, as well as of the positive strategic, operational and financial progress we have made," said Paul J. Kelly, M.D., chief executive officer of Orchid. "This award also is an independent validation of the hard work of our exceptional staff over the past years to build our strong reputation for providing the highest quality DNA testing services available worldwide. We look forward to strengthening our legacy of paramount customer service and innovation as we continue to grow our business and strive to achieve profitability."
Orchid was presented the award on the basis of interviews with customers, industry experts, and other industry participants as well as extensive secondary data research. Among the additional criteria considered by Frost & Sullivan in selecting Orchid for this award were: percent growth in revenue; degree of strategy innovation; successful alliances, mergers, and acquisitions; market share growth; mind share growth; correlation between revenues and investment; penetration rate of new markets; and organizational restructuring.
About Orchid BioSciences
Orchid BioSciences is the leading provider of identity genomics services for the forensic and paternity DNA testing markets and for public health DNA testing for food safety. Orchid’s market leading positions in these segments leverage the company’s accredited laboratories in the U.S. and U.K., its innovative genetic analysis technologies and expertise, and the world-renowned Cellmark and GeneScreen brands that have been associated with exceptional quality, reliability, innovation and customer service for nearly two decades. More information on Orchid can be found at www.orchid.com.
All statements in this press release that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act as amended, including statements regarding its expectation that it will strengthen its legacy of paramount customer service and innovation as it continues to grow its business and strives to achieve profitability. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of Orchid products and services, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, patent protection, litigation, Orchid’s ability to obtain additional financing and Orchid’s listing on the Nasdaq National Market. These risks and other additional factors affecting Orchid’s business are discussed under the headings "Risks Related to Our Business," "Risks Related to the Biotechnology Industry" and "Risks Associated with Our Common Stock" in Orchid’s Annual Report on Form 10-K for the year ended December 31, 2002, and Orchid’s Registration Statement on Form S-3 and the prospectus contained therein dated June 6, 2003, each as filed with the Securities and Exchange Commission, and in other filings made by Orchid with the Securities and Exchange Commission from time to time. Orchid expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Orchid’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based, except as may be required by law.
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