NEW YORK (GenomeWeb News) – Nanosphere today reported that its first-quarter 2010 revenues more than tripled year over year but were flat sequentially.
The Northbrook, Ill.-based molecular diagnostics firm brought in total revenues of $825,827 for the three months ended March 31, compared to $255,225 for the first quarter of 2009. However, its revenues were flat from Q4 2009. Analysts, on average, had expected revenues of $1.4 million.
Nanosphere's net loss increased 5 percent to $8.6 million, or $.31 per share, from $8.2 million, or $.37 per share. It matched analysts' consensus estimate for the bottom line.
The firm's R&D spending declined 8 percent to $4.4 million from $4.8 million. Nanosphere said the reduced R&D expenses were due to "completion of prototype material investments" for its Verigene SP molecular diagnostics instrument.
Its SG&A spending jumped 32 percent to $4.1 million from $3.1 million, partially due to a $700,000 increase in non-cash share-based compensation.
Nanosphere finished the quarter with $67.3 million in cash and cash equivalents.
"We continue to make progress expanding the Verigene System test menu for infectious disease, human genetics, pharmacogenetics, and protein assays," Nanosphere President and CEO William Moffitt said. "These tests will increase the applicability of the Verigene System and will generate increased customer placements and utilization."