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Nanosphere's Q4 Revenues More Than Double

NEW YORK (GenomeWeb News) – Nanosphere today reported that its fourth-quarter revenues more than doubled as it nudged ahead of analysts' consensus estimate.

The Northbrook, Ill.-based molecular diagnostics firm reported revenues of $828,000 for the quarter ended Dec. 31, compared to revenues of $310,000 for the fourth quarter of 2010. It beat analysts' expectations for $810,000 in revenues.

William Moffitt, president and CEO of Nanosphere, said in a statement that the firm had shipped 30 of its Verigene molecular testing systems to new customers during the quarter.

The firm's net loss for the quarter was $8.6 million, or $.17 per share, versus a loss of $7.4 million, or $.27 per share, for Q4 2010. Analysts, on average, had expected a loss per share of $.21.

Nanosphere didn't provide details of its R&D or SG&A spending for the quarter in its Form 10-K or in its press release.

For full-year 2011, Nanosphere's revenues climbed 25 percent to $2.5 million from $2 million, matching Wall Street's expectations.

Its net loss for the year was $35.4 million, or $.94 per share, down from a net loss of $40.6 million, or $1.46 per share, for 2011. It beat analysts' consensus estimate for a loss of $.97 per share.

The firm's R&D spending for the year increased 6 percent to $20 million from $18.8 million, while its SG&A spending fell 26 percent to $16.2 million from $22 million.

The 2010 results were hit by litigation defense and settlement expenses associated with a legal dispute with Eppendorf.

Nanosphere finished the year with $39.3 million in cash and cash equivalents.

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