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Vermillion Reports Fourth Quarter and Full Year 2011 Results
Date:3/27/2012

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  • In October, released positive top-line data from an intended use clinical study of the company's peripheral artery disease (PAD) development program.

  • Q4 and Full Year 2011 Financial HighlightsTotal revenues in the fourth quarter of 2011 increased 152% to $868,000 from $345,000 in the same year-ago quarter. Revenues in the fourth quarter of 2011 included $755,000 from product sales of OVA1 and $113,000 of license revenue related to the company's achievement of certain milestones under its amended strategic alliance agreement with Quest Diagnostics.

    Revenue in the fourth quarter of 2011 included $206,000 of product revenue from 4,118 OVA1 tests performed at the fixed $50 per test, and $549,000 for the variable 33% royalty from 11,708 OVA1 tests reported by Quest Diagnostics as resolved in 2011. The resolved volume includes both reimbursed and unreimbursed tests for which the payment status was considered final by Quest Diagnostics as of December 31, 2011. Tests that do not yet have a final resolution for 2011 will be included in our 2012 annual royalty report.

    For the year ended December 31, 2010, the company reported $159,000 in revenue from the 33% variable royalty that represents 2,814 OVA1 tests reported by Quest Diagnostics as resolved in 2010. The resolved amount includes both reimbursed and unreimbursed tests for which the payment status was considered final by Quest Diagnostics as of December 31, 2010. This amount was reported to Vermillion and recorded in the first quarter of 2011.

    Total revenues for the full year 2011 increased 64% to $1.9 million from $1.2 million in 2010. Revenues in 2011 included $1.5 million from product sales of OVA1 and $454,000 of license revenue. Product sales of OVA1 in 2011 include $761,000 from 15,225 OVA1 tests performed at the fixed $50 per test, $549,000 for the 33% royalty reported by Quest Diagnostics for 2011, and $159,000 for the 33% royalties reported by Quest Diagnostics for 2
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    SOURCE Vermillion, Inc.
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