NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market Wednesday that its third-quarter revenues rose nearly 50 percent year over year. The increase was made up solely of product sales, largely to international buyers, the company said.
The Northbrook, Ill.-based molecular diagnostics firm brought in total revenues of $556,000 for the three-month period ended Sept. 30, up from $374,000 for Q3 2010.
The firm's net loss for the quarter was $9.5 million, or $.22 per share, compared to a net loss of $10.9 million, or $.39 per share, in the year-ago period.
That firm missed analysts' expectations of a loss of $.21 per share.
Nanosphere's R&D spending was up 18 percent year over year to $5.8 million from $4.9 million, while its SG&A spending dropped 34 percent to $3.8 million from $5.3 million.
"We are entering a chapter in Nanosphere's history that will be marked by significant market penetration and placements for our Verigene System, driven by an expanding test menu," Nanosphere President and CEO William Moffitt said in a statement. "As we increase our market presence, we will build a revenue ramp that will enable us to grow our operations and create long-term shareholder value."
Nanosphere finished the quarter with cash and cash equivalents of $46.9 million.
The company closed a public offering in May that raised net proceeds of $32.2 million.