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Awaiting IPO, CardioDx Q3 Revenues up Sharply

NEW YORK (GenomeWeb News) – Cardiovascular molecular diagnostics firm CardioDx, which plans to go public with an intended offering of up to $86.3 million, said that its revenues for the first nine months of the year shot up more than five-fold year over year.

The Palo Alto, Calif.-based company said in an amended Form S-1 filed with the US Securities and Exchange Commission on Friday that for the nine months ended Sept. 30, it had $5.1 million in revenues, up from $914,000 a year ago. It delivered 14,104 test results for its Corus CAD test during the nine months, it added.

Corus CAD is a gene expression-based test for assessing non-diabetic patients who display symptoms suggestive of obstructive coronary artery disease. The test was launched in 2009 and received Medicare coverage in August 2012.

The company did not did not break out its financials on a quarterly basis, but in its Form S-1, CardioDx said that it had $2.9 million in revenues through the first half of 2013, up from $466,000 in the year-ago period. Based on that, the firm's third quarter revenues translate to $2.2 million, up from $448,000 a year ago.

Net loss for the first nine months of 2013 increased to $27.9 million from $18.4 million a year ago. R&D costs rose 27 percent to $8.0 million from $6.3 million, while SG&A costs more than doubled to $19.8 million from $9.8 million.

The company ended the nine months with $37.6 million in cash, cash equivalents, and investments.

CardioDx filed to go public earlier this month and intends to list its shares on the Nasdaq Global Market under ticker symbol "CDX."

Bank of America Merrill Lynch and Jefferies are listed as joint book-running managers on the offering, while Piper Jaffray and William Blair are co-managers.

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