SOUTH SAN FRANCISCO, Calif., Aug. 15, 2011 /PRNewswire/ -- diaDexus, Inc. (OTC Bulletin Board: DDXS), a diagnostics company focused on the development and commercialization of patent-protected in vitro diagnostic products addressing unmet needs in cardiovascular disease, today announced financial results for the second quarter of 2011.
Total revenues for the quarter ended June 30, 2011 were $3.8 million, representing 45% growth over total revenues of $2.6 million for the second quarter of 2010, and a 15% increase over first quarter 2011 revenues. Total operating costs and expenses for the quarter were $6.3 million as compared to $4.6 million for the 2010 second quarter, with the increase in expenses primarily related to the requirements of public company reporting, costs associated with a building lease entered into by VaxGen, Inc. prior to the July 2010 reverse merger transaction, and severance costs related to the resignation of the company's former CEO. Net cash used in operating activities for the second quarter of 2011 declined to $1.4 million versus $1.8 million for the same period the year prior, and down from $1.9 million in the first quarter of 2011.
As of June 30, 2011, diaDexus had cash, cash equivalents, and investments of $16.8 million, compared to $18.5 million at March 31, 2011.
Commenting on the financial results, Interim Chief Executive Officer James Panek stated, "The second quarter results reflect better than expected sales of our PLAC ELISA Test to several laboratory customers, and marks our fourth consecutive quarter of revenue growth. The strength of our sales during the first half of 2011 has largely mitigated the impact of not reintroducing the PLAC TIA product, and we believe that we will achieve full year total revenues at the upper end of our previous guidance for 2011."
diaDexus said that it expect
|SOURCE diaDexus, Inc.|
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