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Nanosphere Posts Q2 Revenue Rise of 160 Percent but Misses Estimate

NEW YORK (GenomeWeb News) – Nanosphere today said that its second-quarter revenues jumped 160 percent year over year, but the firm fell short of Wall Street's estimate for the top line.

The Northbrook, Ill.-based molecular diagnostics firm reported preliminary Q2 revenues of $1.3 million for the three-month period ended June 30, up from $500,000 for the second quarter of 2011. However, it missed analysts' consensus estimate for revenues of $1.5 million.

It didn't provide any further details on revenue growth drivers or information on its profit or loss. Analysts have predicted a loss per share of $.19.

The firm finished the quarter with $23.7 million in cash and cash equivalents.

Nanosphere recently received de novo clearance from the US Food and Drug Administration to market its Gram-Positive Blood Culture Nucleic Acid Test (BC-GP) on its Verigene System.

In a statement accompanying the release of the preliminary revenue results, Nanosphere President and CEO William Moffitt said that customer response to the new test has been encouraging. "We expect this test will serve as a catalyst for accelerating placements and revenue growth in the coming quarters," he added.

In early Monday trade on the Nasdaq, shares of Nanosphere fell 3 percent to $2.90.

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