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AutoGenomics Reports Sharp Rise in Revenues for First Nine Months of 2012

NEW YORK (GenomeWeb News) – AutoGenomics, which has filed for an initial public offering, said revenues through the first nine months of the year increased to $14.5 million from $5.2 million a year ago.

For the nine months ended Sept. 30, revenue from consumables sales totaled $13. 2 million, it said in its Form S-1/A filed with the US Securities and Exchange Commission on Thursday. The company added that it expects the majority of revenues to continue to come from genetic test consumable sales "for the foreseeable future."

As of Sept. 30, it had placed 183 of its Infiniti molecular diagnostic systems with customers and offered 50 tests for use on the platform. It had "more than 15 additional tests" in development, it said.

The Vista, Calif.-based company posted a profit of $1.2 million, or $.15 per basic share or $.04 per diluted share, for the first nine months of the year, compared to a net loss of $8.1 million, or $1.02 per basic share, a year ago. AutoGenomics did not report diluted net loss per share figures a year ago.

Its R&D costs were lowered to $1.7 million from $2.1 million a year ago. AutoGenomics also narrowed its SG&A costs to $4.4 million from $4.6 million a year ago.

As of Sept. 30, the company had $294,000 in cash and cash equivalents.

It also noted in its regulatory filing that as of that date it had outstanding total indebtedness and accrued interest under promissory notes of about $24.7 million, of which $14.8 million in principal amount was in payment default.

"We do not have sufficient cash to satisfy our indebtedness obligations, and our lenders can demand repayment in full at any time," AutoGenomics said. "We are currently in discussions with our lenders to extend the debt maturity dates, or to otherwise restructure, a significant portion of this indebtedness."

AutoGenomics refiled its IPO, after withdrawing an earlier filing, in late September, saying it planned to raise as much as $65 million. It has not yet priced the offering. Leerink Swann, Mizuho Securities, Cantor Fitzgerald, and Stephens are listed as the underwriters for the offering.

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