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Nanosphere's 2013 Revenues Nearly Double but Loss Widens

NEW YORK (GenomeWeb News) – Nanosphere today said that revenues for full-year 2013 nearly doubled year over year, matching the consensus Wall Street estimate on the top line.

The Northbrook, Ill.-based firm said that it recorded $10.0 million in revenues for the year, up from $5.1 million in 2012. All revenues were derived from product sales, while grant and contract revenues declined to none in 2013 from $44,000 a year ago.

The revenue growth was driven mostly by adoption of the Verigene system and the company's infectious disease tests by US-based microbiology laboratories, it said, adding that there were 161 new customer placements for the year.

Nanosphere's loss for the year totaled $34.7 million, or $.56 per share, compared to a loss of $32.9 million, or $.67 per share, in 2012. It edged out the consensus analyst estimate of a loss of $.57 per share.

It cut its R&D spending 6 percent year over year to $18.6 million from $19.7 million but upped its SG&A costs 27 percent to $18.7 million from $14.7 million.

The company ended 2013 with $41.5 million in cash and cash equivalents.

For full-year 2014, Nanosphere said that it anticipates between $19 million and $21 million in revenues and about 200 new customer placements.

The company also said that its fourth quarter revenues increased to $3.4 million from $1.6 million in the year-ago period. Analysts had, on average, estimated Q4 revenues of $3.5 million. During the quarter, the firm added 35 new customer placements.

Nanosphere's net loss in the quarter increased to $8.8 million from $7.6 million a year ago. It did not release any other financial figures for the fourth quarter.

In morning trading Wednesday on the Nasdaq, Nanosphere's shares were up nearly 12 percent at $2.40.