Trofile(TM) Assay Introduced Commercially; Pivotal VeraTag(TM) Study
-- Conference call today at 4:30 p.m. ET --
SOUTH SAN FRANCISCO, Calif., Oct. 24 /PRNewswire-FirstCall/ -- Monogram Biosciences, Inc. (Nasdaq: MGRM) today reported financial results for the quarter ended September 30, 2007.
Third Quarter Results
The Company had revenue of $10.4 million for the third quarter of 2007, compared to $11.1 million in the third quarter of 2006. Trofile(TM), Monogram's proprietary co-receptor tropism assay, was introduced commercially in August 2007 and, in September, coverage and reimbursement were established by Medicare. Monogram has performed over 700 Trofile tests to date, of which approximately 350 tests were performed in the quarter ended September 30, 2007. Because of the timing of reimbursement decisions by payers, revenue recognized from tests performed in the quarter ended September 30, 2007 was not significant.
The net loss was $3.1 million, or $0.02 per common share, in the third quarter of 2007, compared to a net loss of $6.6 million, or $0.05 per common share, for the same period in 2006. Included in these results were substantial non-cash items, which are described below under "Non-GAAP Proforma Results." On a non-GAAP proforma basis, adjusted for these non-cash items, the net loss was $7.5 million, or $0.06 per share, in the third quarter of 2007 compared to a net loss of $6.6 million, or $0.05 per share, in the same period of 2006.
Nine Month Results
The Company had revenue of $29.5 million for the first nine months of
2007, compared to revenue of $37.7 million for the first nine months of
2006. Prior year re
|SOURCE Monogram Biosciences, Inc.|
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