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National Test Launch Drives Steep Growth in Atossa's Q1 Revenues

NEW YORK (GenomeWeb News) – Atossa Genetics today said that its revenues in the first quarter increased more than three-fold, driven by the national launch of its breast cancer diagnostic test.

The Seattle-based firm recorded $182,670 in revenues, compared to $54,713 in the first quarter of 2012. Diagnostic testing service revenues were up 221 percent to $169,230 from $52,713 a year ago, while product sales rose more than six-fold to $13,440 from $2,000.

Diagnostic testing service revenues derived from its ForeCYTE breast health test, which was rolled out launched nationally in January. Atossa launched the test on a limited basis in December 2011.

ForeCYTE is based on the company's US Food and Drug Administration-cleared Mammary Aspirate Specimen Cytology Test System, or MASCT, and provides information on the 10-year and lifetime risk of breast cancer for women between 18 years and 65 years of age.

Earlier this month, Atossa announced a distribution and marketing deal with Millennium Healthcare for the test in the New York City metro area and in northern New Jersey.

Product revenues rose, the company said, on increased sales of its MASCT system.

Net loss in the quarter grew to $1.9 million, or $0.14 per share, from $1.1 million, or $0.09 per share, a year ago.

Atossa, which went public in the fall, lowered its R&D costs 47 percent to $220,192 from $417,990 a year ago. SG&A spending increased 169 percent to $1.8 million from $671,887. The increase in SG&A costs resulted from the launch of ForeCYTE, as well as the ArgusCYTE test, launched in late 2011, and expenses related to the hiring of additional staff and the expansion of its operations, Atossa said.

The company finished the quarter with $1.4 million in cash and cash equivalents.