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DiaDexus, Inc. Reports Third Quarter 2013 Financial Results

Stocks in this article: DDXS

diaDexus, Inc. (OTCQB:DDXS), a company developing and commercializing proprietary cardiovascular diagnostic products, today announced financial results for the third quarter ended September 30, 2013.

“With our 13 th consecutive quarter of year-over-year revenue growth, we delivered another record quarter as we continue to successfully execute on our sales strategy,” 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 labs have continued to generate positive momentum for the sales of our PLAC Test. In addition, we recently announced that following a meeting with the Food and Drug Administration (FDA), we are advancing our clinical program to support a potential 510(k) submission of the PLAC Test for Lp-PLA 2 Activity with the goal of initiating a clinical validation trial prior to the end of the first quarter of 2014. To finance this effort and to support the development of our clinical pipeline, we expanded in October our loan from Comerica bank to $10 million.”

Total revenues for the third quarter 2013 were $6.4 million as compared to $5.3 million in the third quarter 2012. This 21 percent increase was driven by increased demand for the PLAC Test. The increased volume of sales improved gross margins in the third quarter 2013 to 72.6 percent compared to 70.5 percent for the same quarter in 2012. Total operating expenses for the quarter were $6.6 million, compared to $5.4 million for the third quarter 2012. The increase in operating expenses was primarily the result of increased efforts in sales and marketing in the third quarter 2013 compared to the same quarter in 2012. Research and development and general and administrative expenses increased in the third quarter compared to the prior year period as a result of activities related to the identification of novel biomarkers for development and higher stock price, which impacted stock-based compensation. The company's net loss for the third quarter 2013 was $0.4 million, or $(0.01) per share, compared to a net loss of $0.2 million, or $(0.00) per share, in the third quarter 2012.

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