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Vermillion Reports Fourth Quarter and Full Year 2012 Results
Date:2/20/2013

AUSTIN, Texas, Feb. 20, 2013 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a molecular diagnostics company focused on gynecologic cancers and women's health, reported results for the fourth quarter and full year of 2012.

Q4 Financial and Operational Highlights

  • In Q4, the volume of OVA1®, the company's flagship diagnostic test designed to help differentiate benign from malignant ovarian masses, was in line with management's forecast at approximately 4,260 tests. This brought the total tests performed in 2012 to 16,460, an increase of 8% over 2011.
  • Gynecologic Oncology, the prestigious medical journal of the Society of Gynecologic Oncology, published the second prospective clinical study of OVA1®, which demonstrated the positive performance of the multi-biomarker test in the triage of early-stage ovarian cancer.
  • Vascular Medicine, the online peer-reviewed journal, published Vermillion's PAD study.
  • Bruce A. Huebner was appointed interim chief executive officer after serving on a special Vermillion board committee that evaluates marketing strategies for OVA1. Mr. Huebner brings to the position more than 37 years of medical diagnostic industry experience and leadership.

    • Q4 and Full Year 2012 Financial Results
    Total revenue in the fourth quarter of 2012 increased 32% to $1.1 million from $868,000 in the same year-ago quarter. Total revenue in the fourth quarter of 2012 was comprised of $1.0 million 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.

    Fourth quarter of 2012 product-related revenue was comprised of $213,000 from 4,260 OVA1 tests performed (at the fixed $50 per test) and $816,000 from the variable 33% royalty for 13,709 OVA1 tests reported by Q
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    SOURCE Vermillion, Inc.
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