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Vermillion Reports Second Quarter 2014 Results
Date:8/14/2014

in the same year-ago quarter.

OVA1 product revenue in both the second quarter of 2014 and the year-ago period does not include the additional royalty component of revenue based on 33% of Quest Diagnostics' gross margin. Vermillion will recognize this portion of revenue when it is reported by Quest Diagnostics in an annual 'true-up' expected after the end of the calendar year. The true-up is based on reimbursed and unreimbursed tests for which Quest Diagnostics considers the payment status as final. For the full year of 2013, the true-up provided $1,262,000 in revenue to Vermillion or an additional $75 per test.

Total operating expenses in the second quarter of 2014 increased to $5.8 million from $2.4 million in the year-ago quarter. The increase was primarily due to operational investments including roughly tripling our salesforce in April 2014, opening ASPiRA LABS, and increased research and development to advance our next-generation test as well as CEO severance.

Net loss for the second quarter was $5.6 million or $(0.15) per share, as compared to a net loss of $2.1 million or $(0.11) per share in the year-ago quarter.

As of June 30, 2014, cash and equivalents totaled $22.2 million. The company used $3.8 million in cash for operations in the second quarter of 2014, and expects to utilize $4.5 million to $5.5 million in cash in the third quarter of 2014. The third quarter of 2014 is expected be our high point for cash utilization before normalizing at a lower level beginning in the fourth quarter.

Management Commentary
"In Q2, we reached major milestones on our OVA1 commercialization strategy," said James LaFrance, Vermillion's chairman, president and CEO. "We opened ASPiRA LABS, our own national CLIA certified clinical laboratory for diagnostic processing based near Austin, Texas.

"We also significantly expanded our field sales team in April of this year. We typically see positive results three to six months after add
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SOURCE Vermillion, Inc.
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