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

operating expenses included $496,000 in non-cash stock-based compensation expense, as compared to $314,000 in the same year-ago quarter. For the full year 2012, non-cash stock-based compensation expense was $1.3 million as compared to $3.3 million in 2011.

Net loss for the fourth quarter was $1.4 million or $(0.09) per share, as compared to $3.1 million or $(0.21) per share in the same year-ago quarter. Net loss for 2012 was $7.1 million or $(0.48) per share, as compared to $17.8 million or $(1.25) per share in 2011.

As of December 31, 2012, cash and cash equivalents totaled $8.0 million. The company utilized $2.4 million in cash in the fourth quarter in addition to the $5.9 million debt payment to Quest Diagnostics. The company expects cash utilization of $2.0 million to $2.5 million in the first quarter of 2013, and to incur cash-based operating expenses of approximately $9.5 million to $10 million for the full year 2013, or slightly less than the $10.1 million incurred in 2012.

Management Commentary
"We finished a productive year for Vermillion with Gynecologic Oncology publishing our OVA500 clinical study and thereby providing further strong validation of OVA1," said Bruce A. Huebner, Vermillion's interim chief executive officer. "We are using this publication to increase product awareness with gynecologists, ob/gyns and key thought leaders. Based upon our ongoing efforts, we expect the number of OVA1 tests performed will range between 4,250 and 4,550 in the first quarter of 2013.

"To further build awareness, we plan to submit two or three abstracts to various scientific meetings and peer-reviewed journals over the next two quarters.  We are very excited by these new analyses, especially the strong performance we have observed in pre-surgical triage of early-stage ovarian cancer and premenopausal women. In our opinion, the new publications will offer solid evidence that tests like OVA1 should be considered as a standard
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SOURCE Vermillion, Inc.
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