Disease Detection Reports 1st Quarter Loss of $129,198

Irvine-based Disease Detection International Inc., which went public Jan 22., reported a net loss of $129,198 for the first quarter, contrasted with net income of $12,937 for the year-ago period.

Revenue for the quarter dropped 84% to 38,320 from $250,705 the previous year. The most recent quarter’s revenue all came from interest income, a company official said, while most of the prior first quarter’s revenue came from a one-time research and development contract.

The company, which markets test kits to detect diseases in animals, is awaiting Department of Agriculture action on an application for approval of test kits for detecting trichinosis in pork and liver fluke in sheep and cattle.

Charles Peach, secretary and treasurer of Disease Detection, said the two-year-old company is still in the start-up stages. The company is a spin-off from Environmental Diagnostics Inc., which last year moved its corporate offices from Irvine to Burlington, N.C.