Nanosphere Announces Third Quarter 2012 Results
Nov 7, 2012 (Menafn - GlobeNewswire via COMTEX) --
--50 new VerigeneSP system placements double over prior quarter
--C. difficile assay filed with FDA
--FDA categorizes blood stream gram-positive test as CLIA moderate
complexity
NORTHBROOK, Ill., Nov. 7, 2012 (GLOBE NEWSWIRE) -- Nanosphere, Inc. NSPH, a leader in the development and commercialization of advanced molecular diagnostics systems, today reported financial results for the third quarter ending September 30, 2012.
"Continuing positive momentum marked the quarter as we shipped 50 VerigeneSP new customer placements, the highest number in any single quarter to date," said William Moffitt, Nanosphere president and chief executive officer. "The acceleration in product placements was driven primarily by FDA clearance of our gram-positive blood culture test at the end of the second quarter. We are very encouraged with the market's response to the introduction of the gram-positive test and are working diligently to get additional content approved for VerigeneSP, including our c. difficile, gram-negative and enteric panels."
Financial Highlights
--50 new VerigeneSP systems were placed during the quarter, bringing the
cumulative number of systems placed to 216.
--Revenues for the third quarter 2012 were 865,000 compared to 556,000
for the same period 2011, driven primarily by increased consumable sales
to new customers. Third quarter revenue did not include meaningful blood
stream infection gram-positive sales as most new placements have taken
approximately 90 days to validate the assay, after which revenue
recognition commences.
--R&D expenses decreased to 4.6 million for the quarter from 5.8 million
in the same period in 2011 due to reduced spending on clinical trials
and reduced patent-related legal expenses.
--SG&A expenses increased in the second quarter to 4.4 million from 3.8
million in the third quarter of 2011 due to increased expenses from the
expansion of our sales and customer support teams.
--Total operating expenses were 9.0 million in the quarter, down from
9.7 million in the same period of 2011.
--Net loss for the third quarter of 2012 was 8.7 million, down from 9.5
million for the same period in 2011.
--Cash and cash equivalents as of September 30, 2012 were 41.9 million.
--In July 2012, the company completed a public offering of common stock
that added 27 million in net proceeds.
Clinical Highlights
--The FDA categorized Nanosphere's Gram-Positive Blood Culture Nucleic
Acid Test (BC-GP) on the Verigene System as a moderate complexity test
under the Clinical Laboratory Improvement Amendments (CLIA) program,
allowing for expanded decentralization of the Verigene testing platform.
--The Company submitted a 510(k) for its Clostridium difficile assay to
the FDA. Initial comments and questions are expected before year end.
Conference Call Details
The company will hold a live conference call and webcast for investors on Wednesday, November 7, 2012 at 5:00 P.M., Eastern Time. The teleconference can be accessed by dialing 888-680-0879 (U.S./Canada) or 617-213-4856 (international), participant code 46512458. The call will also be broadcast live over the Internet and can be accessed by interested parties at the Investor Relations tab on the Nanosphere website: www.nanosphere.us. For interested individuals unable to join the call or webcast, a replay will be available through November 14, 2012 by dialing 888-286-8010 or for international calls 617-801-6888, pass code 86076200, or on the company's website.
About Nanosphere, Inc.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene(R) System, for detection of life threatening infections and cardiovascular diseases. This easy to use and cost effective platform enables simple, low cost and highly sensitive genomic and protein testing on a single platform. Nanosphere is based in Northbrook, IL. Additional information is available at http://www.nanosphere.us.
The Nanosphere, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4344
Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Nanosphere, Inc.
Statements of Operations
(dollars and shares in thousands except per share data)
(Unaudited)
Three Month PeriodsNine Month Periods
Ended September 30,Ended September 30,
------------------------------------------
2012201120122011
--------------------------------------
REVENUE:
Product sales 865 556 3,466 1,651
Grant and contract revenue----4354
--------------------------------------
Total revenue8655563,5091,705
COSTS AND EXPENSES:
Cost of sales6393692,4361,234
Research and development4,5845,82813,73515,157
Sales, general, and
administrative4,4033,84012,62412,130
--------------------------------------
Total costs and expenses9,62610,03728,79528,521
--------------------------------------
Loss from operations(8,761)(9,481)(25,286)(26,816)
OTHER INCOME (EXPENSE):
Foreign exchange gain (loss)(3)(3)(5)(14)
Interest income15114233
--------------------------------------
Total other income
(expense)1283719
--------------------------------------
NET LOSS (8,749) (9,473) (25,249) (26,797)
======================================
Net loss per common share --
basic and diluted (0.16) (0.22)(0.54) (0.75)
Weighted average number of
common shares outstanding --
basic and diluted53,42943,44546,97835,803
Nanosphere, Inc.
Condensed Balance Sheets
(dollars in thousands)
(Unaudited)
SeptemberDecember
30,31,
20122011
-----------------
Cash and cash equivalents 41,916 39,273
Other current assets6,7003,434
-----------------
Total current assets48,61642,707
Net property and equipment2,7814,522
Intangible Assets - net of
accumulated amortization2,8153,033
Other Assets7575
-----------------
Total Assets 54,287 50,337
=================
Total liabilities 5,121 4,728
Total stockholders' equity49,16645,609
-----------------
Total liabilities and
stockholders' equity 54,287 50,337
-----------------
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SOURCE: Nanosphere, Inc.
(Logo:http://media.primezone.com/cache/9345/int/4820.jpg)
CONTACT: Investors:
Nanosphere, Inc.
Roger Moody, 847-400-9021
Chief Financial Officer
rmoody@nanosphere.us
or
Media:
The Torrenzano Group
Ed Orgon, 212-681-1700
ed@torrenzano.com
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