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CardioDx 2013 Revenues Rise Sharply

NEW YORK (GenomeWeb) – CardioDx's 2013 revenues increased more than three-fold year over year, the company said in a regulatory document on Monday.

In an amended preliminary prospectus filed with the US Securities and Exchange Commission, the Palo Alto, Calif.-based cardiovascular molecular diagnostics firm reported $8.0 million in revenues for 2013, compared to $2.5 million in 2012. Test volume last year rose to 22,371 tests performed, up from 9,990 in 2012.

CardioDx's net loss for 2013 increased to $36.9 million from $25.6 million in 2012. Its R&D costs were up 28 percent year over year to $10.6 million from $8.3 million, while its SG&A expenses rose 78 percent to $27.0 million from $15.2 million.

The company finished the year with $3.9 million in cash and cash equivalents and $22.7 million in short-term investments.

CardioDx filed to go public in October and said the following month that it planned to offer 5 million shares of its common stock in its initial public offering at between $14 and $16 per share. At the midpoint price of $15, the IPO would raise about $77.3 million in net proceeds if the offering's underwriters exercise their overallotment option in full. The underwriters are Bank of America Merrill Lynch, Jefferies, Piper Jaffray, and William Blair.

CardioDx offers the Corus CAD, a gene expression-based test for assessing non-diabetic patients who display symptoms suggestive of obstructive coronary artery diseases.