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

uest Diagnostics which were resolved in 2012 (at $60 per resolved test). The resolved tests include both reimbursed and unreimbursed tests for which Quest Diagnostics considers the payment status as final.

By comparison, 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 (at $47 per resolved test).

Total revenue for the full year 2012 increased 9% to $2.1 million from $1.9 million in 2011. Total revenue in 2012 was comprised of $1.6 million in product sales of OVA1 and $454,000 in license revenue. Product sales of OVA1 in 2012 include $824,000 from 16,460 OVA1 tests performed (at the fixed $50 per test) and $816,000 from the 33% royalty reported by Quest Diagnostics for 2012.

By comparison, revenue in 2011 included $1.5 million from product sales of OVA1 and $454,000 of license revenue. Product sales of OVA1 in 2011 were comprised of $761,000 from 15,225 OVA1 tests performed (at the fixed $50 per test), $549,000 from the 33% royalty reported by Quest Diagnostics for 2011, and $159,000 from the 33% royalties reported by Quest Diagnostics for 2010. The 2010 royalty was reported by Quest Diagnostics and recorded by the company in the first quarter of 2011.

Total operating expenses in the fourth quarter of 2012 decreased to $2.4 million from $3.9 million in the same year-ago quarter. Operating expenses for the full year 2012 decreased to $11.4 million from $19.4 million in 2011, primarily due to lower clinical trial costs for the ongoing development of the company's ovarian cancer franchise and PAD program, as well as lower overall headcount and stock-based compensation charges compared to the prior year. Research and development expenses for the prior year also included $435,000 for the Correlogic asset acquisition.

Fourth quarter 2012
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SOURCE Vermillion, Inc.
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