Nanogen Plunges on Loss

The second-quarter loss nearly doubles to $12.3 million.
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Nanogen

(NGEN)

tanked Wednesday morning after reporting a near-doubling of its second-quarter loss.

The biotechnology diagnostics company lost $12.3 million, or 38 cents a share, in the three months ended June 30, compared with a loss of $6.9 million, or 32 cents a share, last year. Revenue slipped to $1.1 million from $1.7 million a year ago.

The latest quarter included a $1.5 million inventory reserve charge.

The company ended the quarter with cash and short-term investments of $60.3 million, about $2.7 million less than at the end of the previous quarter.

Nanogen said it expects to see reduced revenue from clinical laboratories through the year, and doesn't expect a significant revenue increase this year over last. The company expects to end the year with $50 million in cash.

The stock was recently trading down 85 cents, or 17.7%, to $3.95.