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Atossa's Q2 Revenues Rise 46 Percent

NEW YORK (GenomeWeb News) – Atossa Genetics reported after the close of the market Wednesday that its second quarter revenues increased 46 percent year over year, driven by product sales for its ForeCYTE Breast Health Test.

The Seattle-based molecular diagnostics firm reported total revenues of $326,078 for the three months ended June 30, compared to $223,097 for the second quarter of 2012. Its diagnostic testing services revenue declined to $120,488 from $219,972 year over year, while its product sales jumped to $205,590 from $3,125.

Atossa launched its ForeCYTE test in January 2013. The test uses a mammary aspirate specimen to provide a risk stratification for breast cancer.

"Interest in our ForeCYTE test continues to grow, as evidenced by the increasing numbers of doctors signing up to provide the test and the increasing number of doctors submitting specimens to our lab for analysis," Steven Quay, chairman, CEO and president of Atossa, said in a statement.

"While the roll out of the ForeCYTE test remains our major focus, we look forward to accomplishing several important milestones within the next 12 months including the launch of our FullCYTE test, which identifies the location of a lesion using our proprietary microcatheters, the NextCYTE test, which uses genomic analysis to provide important insights to inform and improve the effectiveness of breast cancer treatment for women with early-stage breast cancer, and the ArgusCYTE test, a 'liquid biopsy' used to identify circulating breast tumor cells in women who have been treated for breast cancer and help inform treatment options" he added.

Atossa reported a net loss of $2.6 million, or $.17 per share, for the quarter, up from a loss of $1.2 million, or $.10 per share, for Q2 2012.

Its R&D spending dropped to $189,955 from $543,081 year over year, while its SG&A expenses jumped to $2.5 million from $828,040.

Atossa finished the quarter with $2.4 million in cash and cash equivalents.