NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market Tuesday that its second-quarter revenues doubled and it trimmed its net loss on lower R&D spending.
The Northbrook, Ill.-based molecular diagnostics firm generated revenues of $402,237 for the three-month period ended June 30, compared to revenues of $194,715 for the second quarter of 2008. Its product sales increased to $242,740 from $194,715, while it also reported grant and contract revenue of $159,497, compared to no such revenues the year before.
"With the May 2009 FDA clearance of our influenza and respiratory syncytial virus (RSV) test along with the [cystic fibrosis] assay, we have expanded our test menu to four products with four more in the pipeline," Nanosphere President and CEO William Moffitt said in a statement. "These include the assay for hemochromatosis, the second generation version of the Verigene System that incorporates automated sample processing, a second generation flu and our troponin assays."
Nanosphere's net loss for the quarter was $8.4 million, or $.38 per share, down from $9.8 million, or $.44 per share, for the second quarter of 2008. Its EPS match analysts' consensus estimate for the quarter.
The company cut its R&D spending 27 percent to $4.4 million from $6 million and its SG&A spending 3 percent to 43.7 million from $3.8 million.
Nanosphere held cash and cash equivalents of $58.2 million as of the end of the quarter.