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Nanosphere's Q2 Revenues Increase 155 Percent on New VerigeneSP Placements

NEW YORK (GenomeWeb News) – Nanosphere today reported revenues in the second quarter jumped 155 percent year over year on new customer placements of the VerigeneSP system.

Total revenues for the three months ended June 30 came in at $1.3 million, up from $509,000 a year ago, but short of the consensus Wall Street estimate of $1.4 million. The firm pre-announced revenues last month.

During the quarter product sales rose to $1.3 million from $509,000, and grant and contract revenues came in at $30,000, compared to none a year ago.

The Northbrook, Ill.-based firm shipped 25 systems to new customers in the quarter, bringing the cumulative number of placed systems to 166. Also during the quarter, the US Food and Drug Administration cleared Nanosphere's Gram-Positive Blood Culture Nucleic Acid Test on its Verigene System.

"Given the clearance came in during the final days of the second quarter, we are particularly optimistic about our prospects for achieving the previously announced 40 to 60 projected system placements in the third quarter," President and CEO William Moffitt said in a statement.

The firm's R&D costs in the quarter increased 2 percent year over year to $4.7 million from $4.6 million, while SG&A costs rose 8 percent to $4.2 million from $3.9 million.

Nanosphere's net loss was $8.4 million, or $.19 per share, compared to a net loss of $8.4 million, or $.23 per share, a year ago, missing the average analyst estimate for a net loss of $.18 per share. Nanosphere used 43.7 million shares in calculating the net-loss-per-share figure for the recently completed quarter, compared to 36.2 million shares a year ago.

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

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