NEW YORK (GenomeWeb News) – Nanosphere today said that its first-quarter revenues jumped 85 percent year over year as consumables sales rose 123 percent.
The company also said that it secured $27 million in new financing.
The Northbrook, Ill.-based molecular diagnostics firm recorded $2.4 million in revenues for the three months ended March 31, compared to $1.3 million a year ago, and beat the consensus Wall Street estimate of $2.1 million.
Product sales comprised all revenues for the recently completed quarter. Nanosphere had no grant or contract revenues, compared to $13,000 in such revenues a year ago.
It said that it placed 46 systems during the quarter, and the company reaffirmed guidance of between 200 and 250 placements for full-year 2013.
Its net loss for the quarter was $8.5 million, or $.15 per share, compared to a net loss of $8.1 million, or $.18 per share, a year ago, matching the average analyst estimate.
The firm's R&D spending narrowed 7 percent to $4.1 million from $4.4 million in the first quarter of 2012. Reductions in assay development materials spending and equipment depreciation accounted for the decrease, the firm said.
Its SG&A costs rose 33 percent to $5.3 million from $4.0 million as the company expanded its sales and customer support team. Nanosphere said that it also accrued severance expenses and clinical trial expenses in support of its expanding pipeline.
The company exited the quarter with $24.3 million in cash and cash equivalents.
It reaffirmed its full-year 2013 revenue guidance of $13 million to $15 million.
"We are pleased to see our growing customer base confirm the value of our gram positive blood culture test," Nanosphere CEO Michael McGarrity said in a statement. He replaced William Moffitt in the position in February. "We are extending our lead in molecular-based infectious disease testing through sustained growth in the number of customers utilizing our gram positive test and continued development of our strong menu pipeline, including our gram negative and enteric assays."
The firm also announced $27 million in new financing, comprising a $22 million loan agreement with Oxford Finance and Silicon Valley Bank, and the sale of $5 million of its common stock to William Blair Small Cap Growth Fund through an underwritten registered offering.
The term loan includes an initial gross tranche of $12 million to be drawn immediately. A second tranche of $10 million can be drawn between December 2013 and April 2014 depending on certain conditions being met.
Its transaction with the William Blair Small Cap Growth Fund comprised a little more than 1.9 million shares of its stock at $2.60 per share. The offering is expected to close on or about May 13.