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Nanosphere takes larger 1Q loss as expenses rise

Fri, 05/07/2010 - 7:31am
The Associated Press

Genetic testing products maker Nanosphere reported a larger first-quarter loss Thursday as costs, including stock-based compensation, rose.

Nanosphere said it lost $8.6 million, compared with the $8.2 million a year earlier. Because it has more stock on the market, its per-share loss was only 31 cents per share compared with 37 cents last year. Revenue rose to $826,000 from $225,000 because of greater product sales, and new grant and contract revenue.

Nanosphere said its sales, general, and administrative costs increased, including non-cash stock-based compensation that totaled $700,000. Research and development costs decreased.

Nanosphere Inc. said product sales rose to $446,000 from $225,000. It also posted $380,000 in grant and contract revenue.

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