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DiaDexus, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: DDXS

12th Consecutive Quarter of Year-over-Year Revenue Growth

Conference Call Today at 4:30 p.m. ET

SOUTH SAN FRANCISCO, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- diaDexus, Inc. (OTCQB:DDXS), a company developing and commercializing proprietary cardiovascular diagnostic products, today announced financial results for the second quarter ended June 30, 2013.

"With our 12 th consecutive quarter of year-over-year revenue growth, we delivered another very robust quarter as we continue to successfully execute on our sales strategy and look for additional ways to build the value of the company," said Brian Ward, Ph.D., diaDexus' President and Chief Executive Officer. "Our investment in enhancing the PLAC Test brand messaging, conducting physician education, and our ongoing partnerships with cardiovascular specialty laboratories have generated positive momentum for the sales of our PLAC Test. On the development front, we continue to move forward with researching and identifying our product pipeline options, which we expect will have a positive impact on our long-term growth profile."

Total revenues for the second quarter 2013 were $6.2 million as compared to $5.1 million in the second quarter 2012. This 22 percent increase was driven by increased demand for the PLAC Test. Higher demand improved gross margins in the second quarter 2013 to 70 percent compared to 69 percent for the same quarter in 2012. Total operating expenses for the quarter were $6.7 million, compared to $5.8 million for the second quarter 2012. The increase in operating expenses was primarily the result of increased sales and marketing efforts in the second quarter 2013 compared to the same quarter in 2012. Research and development and general and administrative expenses were relatively flat in the second quarter compared to the prior year period. The Company's net loss for the second quarter 2013 narrowed to $0.4 million, or $(0.01) per share, from a net loss of $0.8 million, or $(0.02) per share, in the second quarter 2012.

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