DiaDexus, Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

SOUTH SAN FRANCISCO, Calif., March 7, 2013 (GLOBE NEWSWIRE) -- diaDexus, Inc. (OTCQB:DDXS), a company developing and commercializing proprietary cardiovascular diagnostic products, today announced financial results for the fourth quarter and full year ended December 31, 2012.

Brian Ward, Ph.D., diaDexus' President and Chief Executive Officer, said, "In 2012 we successfully executed the initial phase of our growth strategy by driving adoption of the PLAC Test, expanded reimbursement, launched the Activity Test in Europe and began development on a new product pipeline. We also achieved 27% revenue growth for the year and our tenth consecutive quarter of year-over-year revenue growth. Improvement in gross margin and prudent expense management moved us closer to achieving profitability."

Total revenues for the fourth quarter 2012 were $5.4 million, an 11% increase over $4.9 million reported in the fourth quarter of 2011. Demand for the PLAC Test remained strong with volume increases outpacing pricing pressure. As a result, gross margins in the fourth quarter of 2012 improved to 74% compared to 67% for the same quarter in 2011. Total operating expenses for the quarter were $5.7 million, compared to $5.8 million for the fourth quarter of 2011. The decrease in operating expenses resulted from lower general and administrative expenses, along with reduced product, and research and development costs. These savings were partially offset by higher sales and marketing expenses in the fourth quarter of 2012 compared to the fourth quarter of 2011. The Company's net loss for the fourth quarter 2012 narrowed to $0.4 million, or $(0.01) per share, from a net loss of $1.0 million, or $(0.02) per share, in the fourth quarter of 2011.

Total revenues for the full year 2012 were $20.8 million, a 27% increase over $16.4 million reported for the full year 2011, reflecting increased demand for the PLAC test. Gross margins for the full year 2012 improved to 70% compared to 67% for the prior year. Total operating expenses for the full year 2012 were $23.2 million, compared to $24.2 million for the full year 2011. The decrease in operating expenses resulted from lower general and administrative and research and development costs, partially offset by higher sales and marketing expenses in full year 2012 compared to the full year 2011. The Company's net loss for the full year 2012 narrowed to $2.8 million, or $(0.05) per share, from a net loss of $7.5 million, or $(0.14) per share, in the full year 2011.