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Nanogen Nets $5.9M Loss for Q4

NEW YORK, Feb. 18 (GenomeWeb News) - Nanogen on Wednesday reported a net loss of $5.9 million, or $0.25 per share, for its fourth quarter ending Dec. 31, 2003, compared to total revenues of $6.7 million, or $0.09 a share, in the year-ago quarter.


The San Diego-based company had revenues of $2.1 million in the fourth quarter of 2003, compared to $12.1 million for the same period in 2002, when the company recognized $10.8 million in licensing revenue in a settlement agreement with CombiMatrix.


The company spent $4.5 million on research and development in the fourth quarter, compared to $5.3 million for the same period in 2002.


Nanogen's consolidated cash, cash equivalents and short-term investments balance at the end of the fourth quarter of 2003 was $29.1 million, compared to $61 million at the end of the fourth quarter, 2002.


For 2004, the company said it anticipates total revenue growth of 50 percent, compared to 2003.


The company noted the sale of eight of its NanoChip platforms in the fourth quarter, and one reagent rental for product revenues of $1.1 million for the quarter, compared to $510,000 for the same period in 2002.


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