"We are very pleased with the acceleration of volume growth for OVA1 tests in the second quarter. The 27% quarter-over-quarter increase in test volume is evidence of the increasing importance of this test as an aid for physicians in the assessment of adnexal masses," said Gail S. Page, Chair of the Board of Directors and CEO. "The recent publications of two important peer review papers and on-going expansion of payor coverage give us confidence in our ability to continue to increase awareness among the clinical community and position us well to capture the long-term market opportunity."
For the third quarter of 2011, we expect 4,000 to 4,300 OVA1 tests to be performed. This forward guidance takes into consideration numerous factors including the number of days in the quarter, the impact of summer holidays, continued limited coverage by the larger payers, and the ability to expand the number of diagnosis codes currently approved by Medicare.
Total revenues for the second quarter of 2011 were $304,000 compared to $344,000 for the second quarter of 2010. Revenues for the second quarter of 2011 included $191,000 from product sales of OVA1 and $113,000 of license revenue related to the Company's achievement of certain milestones under the Strategic Alliance Agreement with Quest Diagnostics. Revenues for the second quarter of 2010 included $45,000 from product sales of OVA1 and $299,000 of license revenue. As of June 30, 2011, the Company's cash and cash equivalents totaled $36.3 million. The Company utilized $4.2 million in cash from operations during the second quarter and expects $4-$5 million of cash utilization from operations during the third quarter.
Total operating expenses increased in the second quarter of 2011 to $5.9 million from $4.1 mill
|SOURCE Vermillion, Inc.|
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