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Nanosphere Doubles Q1 Revenues

NEW YORK (GenomeWeb News) – Nanosphere today reported that its first-quarter revenues doubled year over year driven by new customer placements of its Verigene molecular diagnostics system and respiratory virus cartridges.

The Northbrook, Ill.-based firm reported total revenues of $1.3 million for the three months ended March 31, compared to $640,000 for the first quarter of 2011. It matched analysts' consensus estimate for revenues of $1.3 million.

Nanosphere reported a net loss of $8.1 million, or $.18 per share, down from $8.9 million, or $.32 per share, and beating analysts' estimates for a loss of $.20 per share.

The firm's R&D spending decreased 6 percent to $4.4 million from $4.7 million, and its SG&A expenses declined 9 percent to $4 million from $4.4 million.

"Our business has achieved an inflection point with new customer placements that will drive significant revenue growth in 2012," Nanopshere President and CEO William Moffitt said in a statement.

The firm said that sales of its respiratory virus cartridges helped drive sales growth in the quarter. It received US Food and Drug Administration clearance of its Verigene Respiratory Virus Plus Nucleic Acid Test early last year.

More recently, Nanosphere obtained FDA clearance in December for its Verigene Staphylococcus Blood Culture Nucleic Acid Test.

The firm finished the quarter with $31.8 million in cash and cash equivalents.

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