SOUTH SAN FRANCISCO, Calif., Aug. 7, 2012 /PRNewswire/ -- diaDexus, Inc. (OTCQB: DDXS), a company focused on the development and commercialization of proprietary cardiovascular diagnostic products, today announced financial results for the second quarter of 2012.
Total revenues for the second quarter ended June 30, 2012 were $5.1 million, a 34% increase over $3.8 million reported in the second quarter of 2011, marking the eighth consecutive quarter of year-over-year revenue growth. Total operating expenses for the quarter were $5.8 million, versus $6.3 million for the second quarter of 2011. The company's net loss for the quarter narrowed significantly to $0.8 million, or $0.02 per share, from a net loss of $2.5 million, or $0.05 per share, in the second quarter of 2011. The improvement in net loss for the quarter was largely due to greater sales of PLAC® Test in the United States, as well as reductions in general and administrative expenses, somewhat offset by higher sales, marketing and product costs. Cash and investments at June 30, 2012 were $14.6 million compared to $15.9 million at March 31, 2012 and $17.2 million at December 31, 2011.
diaDexus maintained its guidance for 2012 total revenues at $20 to $21 million and lowered projected cash use in operations to a range of $5 to $6 million for 2012 from a prior projection of $6 million.
"Our second quarter revenues reflect increasing market demand for our unique PLAC® Test, continued growth in our customer base of cardiovascular specialty laboratories, and initial sales and marketing efforts in Europe. As we anticipated, test orders are increasing, new customers are coming on board, and a broader group of physicians are using advanced cardiovascular risk profiles for their patients in order to reduce and prevent cardiac and stroke events. Our PLAC® Test has clearly become an integral part of these very important risk profiling activities," said Brian Ward,
|SOURCE diaDexus, Inc.|
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