DiaDexus, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Full Year 2012
May 08, 2012 at 04:05 pm
Share
diaDexus, Inc. announced unaudited earnings results for the first quarter ended March 31, 2012. For the first quarter, the company's total revenues were $4.9 million, a 49% increase over $3.3 million for the first quarter of 2011, marking seven consecutive quarters of year-over-year revenue growth. Loss from operations was $1,226,000 against $2,524,000 a year ago. Loss before income tax was $1,323,000 against $2,507,000 a year ago. Net loss was $1,326,000 or $0.02 per basic and diluted share against $2,510,000 or $0.05 per basic and diluted share a year ago. Net cash used in operating activities for the first quarter of 2012 was $0.8 million versus $1.9 million for the same period the year prior.
The company maintains its guidance for 2012 total revenues at $20 million to $21 million and left unchanged its projected cash use in operations at approximately $6 million for 2012. Future financing needs will depend on the company's ability to continue increasing the rate of adoption for the company's products by physicians and the company's progress in achieving additional positive coverage decisions from insurers for the PLAC(R) Test.
Diadexus, Inc. is a diagnostics company. The Company is engaged in developing and commercializing products that deliver healthcare providers with relevant information to assist in the management of patients throughout the course of cardiac disease. Its capabilities include manufacturing, assay development, Food and Drug Administration (FDA) regulatory clearance, and marketing and selling products. Its commercially-available products consist of two FDA-cleared tests to measure Lp-PLA2: the PLAC Test ELISA Kit (the PLAC ELISA Test) and the PLAC Test for Lp-PLA2 Activity (the PLAC Activity Test). Its other products include proADM; proET-1, which aids in predication of heart failure, and proANP, which aids in predication of heart failure. The Company sells its diagnostic products to laboratories and promotes these products to the laboratories' sales representatives, as well as directly to healthcare providers.