Nanosphere, Inc. yesterday announced its financial results for the fourth quarter as well as the full year results of 2011. Revenue and sales were up over the previous year, while operating expenses went down, with an overall reduction in net loss.
Nanosphere manufactures and markets the Verigene System, an advanced molecular diagnostics platform designed for direct genomic and ultra-sensitive protein detection. The company boasts that the system is a cost-effective and easy way to test highly sensitive genomes and proteins.
Nanosphere’s revenues were up by $.5 million for the year, from $2 million to $2.5, while product sales rose from $1.4 million to $2.4 million. Operating expenses fell to $38 million from $43.4 million in 2010, in part by a reduction in legal fees and settlements due to a patent dispute that was settled in 2010.
Net loss during 2011 was reduced to $35.4 million versus $40.6 million during 2010. Net loss in Q4 was reported at $8.6 million, compared to the previous year’s net loss of $7.4 million. Cash flow during Q3 and Q4 2011 was negative $7.6 million, and cash at December 31, 2011, was $39.3 million.
William Moffitt, Nanosphere’s president and CEO, said, “We shipped 30 systems to new customers during the fourth quarter demonstrating an inflection point has been reached in our business. The investments we have made in menu expansion, particularly in the microbiology market segment, have generated significant customer interest and demand.”
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