diaDexus, Inc. Reports 2011 Fourth Quarter and Year-End Financial Results
SOUTH SAN FRANCISCO, Calif., March 15, 2012 /PRNewswire/ -- diaDexus, Inc. (OTC Bulletin Board: DDXS), a company focused on the development and commercialization of proprietary cardiovascular diagnostic products, today announced financial results for the 2011 fourth quarter and year-end.
Fourth quarter 2011
Total revenues for the 2011 fourth quarter were $4.9 million, a 48% increase over $3.3 million for the fourth quarter of 2010, representing the highest quarterly revenues in the history of the company. Total expenses for the quarter were $5.8 million, unchanged from the fourth quarter of 2010. The company's net loss for the quarter was $1.0 million compared to a $2.1 million net loss in the fourth quarter of 2010. The decrease in net loss for the quarter was largely due to a $1.6 million increase in fourth quarter sales of the PLAC® Test for Lp-PLA(2) versus the comparable 2010 period. Net cash used in operating activities for the fourth quarter of 2011 was $1.6 million versus $2.8 million for the same period the year prior.
Total revenues for the 12-month period ended December 31, 2011 were $16.4 million compared to $11.8 million for 2010. This 39% increase was due to accelerated demand for the company's PLAC® Test for Lp-PLA(2) and represents record annual revenues. Total operating expenses for 2011 were $24.2 million compared to total operating expenses of $20.4 million in 2010. The company reduced its net loss to $7.5 million for the year ended December 31, 2011, compared to a net loss of $8.4 million in 2010. Net cash used in operating activities was $6.7 million in 2011 versus $7.5 million in 2010, also primarily a result of higher revenues.
Cash and investments at December 31, 2011 were $17.2 million compared to $20.4 million at December 31, 2010.