By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Nanosphere today reported that its first-quarter revenues declined, as contract revenue from the first quarter of 2010 was much higher than in 2011, but its product sales increased 31 percent.

The Northbrook, Ill.-based molecular diagnostics firm brought in total revenues of $640,000 for the three-month period ended March 31, down from $826,000 for Q1 2010. Nanosphere missed analysts' consensus estimate for revenues of $940,000.

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