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Nanosphere Q2 Revenues Shoot Up 76 Percent

NEW YORK (GenomeWeb) - Nanosphere today announced after the close of the market that its first quarter revenues rose 76 percent on sales of its Verigene Gram Positive and Gram Negative Blood Culture Tests.

For the three months ended June 30, the Northbrook, Illinois-based molecular diagnostics company said it posted record-high revenues of $4.7 million, up from $2.7 million a year ago, beating the average Wall Street expectation of $4.5 million.

Sales of the blood culture tests in the quarter increased 87 percent year over year compared to Q2 2014, the firm said in a statement. On a conference call following the release of results, Nanosphere officials said the company placed 20 instruments during the quarter.

"This progress is driven by a clear focus on execution and continued adoption of our Verigene system and its expanding menu through our US customer base," Nanosphere President and CEO Michael McGarrity said in a statement. He added that the firm is progressing on development of a next-generation Verigene system and expects to begin clinical trials by the end of the year.

Nanosphere's net loss for the quarter was $8.6 million, or $2.25 per share, compared to a net loss of $10.0 million, or $2.65 per share, a year ago, falling far short of the consensus Wall Street estimate of a net loss per share of $1.23. The loss attributable to common shareholders included the effect of a deemed dividend on convertible preferred stock and loss per share has been adjusted to give effect to the firm's April 20-to-one reverse split of common stock.

Nanosphere's R&D spending increased 13 percent to $4.5 million from $4 million during the first quarter of 2014, reflecting continued product development. SG&A costs fell 17 percent to $5.6 million from $6.7 million in Q2 2014.

Nanosphere ended the quarter with $23.9 million in cash and cash equivalents, $3 million of it being restricted cash.

The firm reiterated its full year 2015 revenue guidance in the range of $18 million to $20 million.