Navigation Links
diaDexus, Inc. Reports 2012 First Quarter Financial Results

SOUTH SAN FRANCISCO, Calif., May 8, 2012 /PRNewswire/ -- diaDexus, Inc. (OTC Bulletin Board: DDXS), a company focused on the development and commercialization of proprietary cardiovascular diagnostic products, today announced financial results for the first quarter of 2012.

Total revenues for the first quarter of 2012 were $4.9 million, a 49% increase over $3.3 million for the first quarter of 2011, marking seven consecutive quarters of year-over-year revenue growth.  Total operating expenses for the quarter were $6.2 million, slightly more than the first quarter of 2011 due to higher product costs to support increased sales. The company's net loss for the quarter narrowed to $1.3 million from a $2.5 million net loss in the first quarter of 2011. The improvement in net loss for the quarter was largely due to greater sales of our PLAC® ELISA kits in the United States. Net cash used in operating activities for the first quarter of 2012 was $0.8 million versus $1.9 million for the same period the year prior. Cash and investments at March 31, 2012 were $15.9 million compared to $17.2 million at December 31, 2011.

diaDexus maintained its guidance for 2012 total revenues at $20 to $21 million and left unchanged its projected cash use in operations at approximately $6 million  for 2012. Future financing needs will depend on the company's ability to continue increasing the rate of adoption for the company's products by physicians and the company's progress in achieving additional positive coverage decisions from insurers for the PLAC® Test.

"Our first quarter revenues reflect increased market acceptance of the PLAC® Test.  diaDexus is poised to take advantage of continued growth in cardiovascular specialty laboratories, with over 80% of our revenues coming from this rapidly growing segment.  We are seeing more and more physicians understanding the value of advanced cardiovascular risk profiling for reducing and preventing cardiac and stroke events.  Our PLAC® Test ELISA Kit is becoming an integral part of these very important diagnostic tests," said Brian Ward, Ph.D., diaDexus' Chief Executive Officer.

diaDexus will host a webcast on Tuesday, May 8 at 1:15 PM PDT (4:15 PM EDT) to discuss the 2012 first quarter results. The webcast may be accessed via the company's website at

About diaDexus, Inc.
diaDexus, Inc., based in South San Francisco, California, is focused on the development and commercialization of proprietary cardiovascular diagnostic products addressing unmet needs in cardiovascular disease. The company's PLAC® Test ELISA Kit is the only blood test cleared by the FDA to aid in predicting risk for both coronary heart disease and ischemic stroke associated with atherosclerosis, the #1 and #3 causes of death, respectively, in the United States. The company's PLAC® Test for Lp-PLA2 Activity, a CE-marked test, is an indicator of atherosclerotic cardiovascular disease, the #1 cause of death in Europe. diaDexus is ISO 13485 certified and is manufacturing the PLAC Test for Lp-PLA2 Activity on-site. For more information, please visit the company's website at

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations and intentions with respect to future operations and products and other statements that are not historical in nature, particularly those that use terminology such as "will," "potential", "could," "can," "believe," "intends," "continue," "plans," "expects," "estimates" or comparable terminology. Forward-looking statements are based on current expectations and assumptions, and entail various known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to diaDexus that could cause actual results to differ materially from those expressed in such forward-looking statements include diaDexus' ability to submit a new 510(k) application for, and obtain FDA clearance of, its new automated Lp-PLA2 Activity test; diaDexus' ability to gain acceptance of its PLAC® Test products in the marketplace, including its ability to demonstrate that treatment of individuals based on their Lp-PLA2 levels improves clinical outcomes in prospective clinical studies; diaDexus' high degree of customer concentration, including the downward pressure that its largest customers may be able to exert on its product pricing; diaDexus' relationship with key customers, including GlaxoSmithKline, the licensor of Lp-PLA2; diaDexus' reliance on a sole source third party manufacturer to manufacture and supply diaDexus' PLAC® Test ELISA Kit; third party payors' acceptance of and reimbursement for the PLAC® Tests; diaDexus' ability to develop and commercialize new products and services; various risks associated with the international expansion of diaDexus' business; diaDexus' ability to successfully launch and commercialize the PLAC® Test for Lp-PLA2 Activity in Europe, and its dependence on its distributors for foreign sales of that test; diaDexus' ability to initiate and continue to manufacture the PLAC® Test for Lp-PLA2 Activity at its facility in South San Francisco, California; the adequacy of diaDexus' intellectual property rights; diaDexus' ability to satisfy its obligations under its license agreements, to maintain its license rights under those license agreements and to enter into any necessary licenses on acceptable terms; diaDexus' ability to attract, retain and motivate qualified personnel; the effects of U.S. and foreign government regulations and diaDexus' ability to comply with such regulations; diaDexus' limited revenue and cash resources; and diaDexus' significant corporate expenses, including real estate lease liabilities and expenses associated with being a public company. Additional factors that could cause diaDexus' results to differ materially from those described in the forward-looking statements can be found in diaDexus' most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission, and available at the SEC's web site at The information set forth herein speaks only as of the date hereof, and diaDexus disclaims any intention and does not assume any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.-- Tables to follow --




(unaudited)Three Months Ended

March 31,20122011Revenues:License revenue$


76Royalty revenue1,0371,005Product sales3,8302,240Total revenues4,9433,321Operating costs and expenses:Product costs1,7191,132Sales and marketing1,1821,107Research and development1,2921,492General and administrative1,9762,114Total operating costs and expenses6,1695,845Loss from operations(1,226)(2,524)Interest income, interest expense and other income (expense), net:Interest income717Interest expense(101)—Other income (expense), net(3)—Loss before income tax(1,323)(2,507)Income tax provision(3)(3)Net loss$


(2,510)Basic and diluted net loss per share:$


(0.05)Weighted average shares used in computing basic and diluted net loss per share53,067,04553,067,057DIADEXUS, INC.CONDENSED BALANCE SHEETS(In thousands)March 31,2012December 31,2011(unaudited)AssetsCurrent assets:Cash and cash equivalents$


10,484Short-term investment securities3,7166,492Accounts receivable 2,3412,408Inventories163117Restricted cash400400Assets held for sale304304Prepaid expenses and other current assets799975Total current assets19,92621,180Long-term investments—250Restricted cash1,4001,400Property and equipment, net1,4851,350Other long-term assets150175Total assets$


24,355Liabilities and Stockholders' Equity Current liabilities:Accounts payable$


882Notes payable, current portion790372Deferred revenues, current portion342331Unfavorable lease obligations515492Accrued and other current liabilities2,0532,469Total current liabilities4,9814,546Non-current portion of notes payable4,1194,526Non-current portion of deferred revenue454530Non-current portion of deferred rent290266Non-current portion of unfavorable lease obligation2,9213,063Other long term liabilities301284Total liabilities13,06613,215Stockholders' equity:Preferred stock——Common stock531531Additional paid-in capital205,634205,557Accumulated other comprehensive loss(1)(5)Accumulated deficit (196,269)(194,943)Total stockholders' equity 9,89511,140Total liabilities and stockholders' equity$



SOURCE diaDexus, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. diaDexus, Inc. Adds Two New Directors; Corporate Overview & 3Q Results Webcast Set for November 16, 2010
2. diaDexus, Inc. Reports 2010 Third Quarter Financial Results
3. diaDexus, Inc. Reports 2011 First Quarter Financial Results
4. diaDexus, Inc. Reports 38% Year-Over-Year Revenue Growth for 2011 Third Quarter
5. diaDexus, Inc. to Host Webcast March 15, 2012 on 2011 Fourth Quarter and Year-End Financial Results
6. diaDexus, Inc. Reports 2011 Fourth Quarter and Year-End Financial Results
7. diaDexus, Inc. Highlights Findings from Two Outcomes Studies for its PLAC Lp-PLA(2) Activity Assay
8. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
9. Spherix Reports Second Quarter Earnings
10. Tapestry Reports Second Quarter 2007 Results
11. Callisto Reports on Second-Quarter 2007 Milestones
Post Your Comments:
(Date:11/25/2015)... WOODBURY, N.Y. , Nov. 25, 2015  Linden ... access and optimizing treatment outcomes for patients suffering from ... its request for a Temporary Restraining Order (TRO) enjoining ... between the two companies. --> ... aggressively pursuing all of its legal options. ...
(Date:11/25/2015)... 2015 On Tuesday, November 24, 2015, ... against Wright Medical Technology, Inc. for product liability ... hip implant device, awarded $11 million in favor ... trial and three days of deliberations, the jury ... defectively designed and unreasonably dangerous, and that Wright ...
(Date:11/25/2015)... -- Henry Schein, Inc., the world,s largest provider of health ... animal health practitioners, will unveil at the Greater New ... Pavilion , which brings together for the first time ... help any practice or laboratory enter the digital age. ... of experts appearing at the Pavilion. --> ...
Breaking Medicine Technology:
(Date:11/27/2015)... (PRWEB) , ... November 27, 2015 , ... A simply ... Jones, is an interesting show that delves into an array of issues that are ... that could benefit from open dialogue, this show is changing the subjects consumers focus ...
(Date:11/27/2015)... ... November 27, 2015 , ... CBD College ... Allied Health Education Programs (CAAHEP) awarded accreditation to its Diagnostic Medical Sonography program. CBD ... colleges, as only one of twelve colleges and universities in the state of California ...
(Date:11/27/2015)... ... , ... Avid collector, Andrew Hawley from Vintage Rock Posters, announces his search ... one of Joplin's most famous and beautiful concert posters. The concert was held on ... Arbor. The According to Hawley, "It is hard to believe that Joplin's stardom was ...
(Date:11/26/2015)... ... November 26, 2015 , ... Inevitably when people think ... customers choose to buy during the Black Friday and Cyber Monday massage chair ... to search the Internet high and low to find the best massage chair deals, ...
(Date:11/26/2015)... ... November 26, 2015 , ... ... to discuss bioavailability and the need to integrate dose form selection in early ... with OBN, the membership organization supporting and bringing together the UK’s emerging life ...
Breaking Medicine News(10 mins):