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UPDATE: Ariosa Dx Q1 Revenues Double, Posts Profit

The story has been updated to clarify Ariosa's earnings per share for the first quarter of 2014.

NEW YORK (GenomeWeb News) – Ariosa Diagnostics' first quarter revenues more than doubled year over year, the company said in an amended Form S-1 on Wednesday.

For the three months ended March 31, revenues shot up to $19.5 million from $9.6 million in the first quarter of 2013 as revenues from its partnership with Laboratory Corporation of America, as well as from international customers, increased, the San Jose, Calif.-based developer of non-invasive prenatal tests said.

Ariosa and LabCorp partnered in 2012 to make Ariosa's Harmony Prenatal Test available in the US and Canada. In the recently completed quarter, LabCorp-related revenues accounted for 62 percent of total revenues, down from 94 percent in the year-ago first quarter. During 2013 Ariosa entered into agreements with an additional unnamed US healthcare provider and with international clinics to offer Harmony, contributing to the year-over-year bump-up in revenues, it said.

Revenues from its international business grew to $6.9 million in Q1 2014 from $583,000 in the year-ago period as test volume grew.

Ariosa posted a profit of $1.1 million for the quarter. The firm did not provide a per-share earnings figure. In an e-mail to GenomeWeb Daily News, a spokesman said that while the company made money, the net income was payable to preferred shareholders "given that they were entitled to an 8 percent dividend."

During the first quarter of 2013, Ariosa had a net loss of $2.5 million, or $1.47 per share.

Its R&D expenses rose 19 percent to $4.3 million from $3.6 million, while its SG&A costs were up 61 percent to $8.2 million from $5.1 million.

Ariosa finished the first quarter with $16.8 million in cash and cash equivalents.

The company filed a preliminary prospectus with the US Securities and Exchange Commission last month for an initial public offering. Ariosa has not yet priced the IPO.