SOUTH SAN FRANCISCO, Calif., May 16, 2011 /PRNewswire/ -- diaDexus, Inc. (OTC Bulletin Board: DDXS), a diagnostics company focused on the development and commercialization of patent-protected in vitro diagnostic products addressing unmet needs in cardiovascular disease, today announced financial results for the first quarter of 2011.
Total revenues for the quarter ended March 31, 2011 were $3.3 million, representing 25% growth over total revenues of $2.7 million for the first quarter of 2010. Net cash used in operating activities for the 2011 first quarter was $1.9 million as compared to $0.9 million a year ago. The increase in net cash used in operating activities was driven primarily by increased costs relating to obligations as a public company and to a legacy building lease acquired in the merger of diaDexus and VaxGen, which was completed in July 2010.
As of March 31, 2011, diaDexus had cash, cash equivalents, and short term investments of $18.5 million, compared to $20.4 million at the 2010 year-end.
Commenting on the financial results, Chief Executive Officer Patrick Plewman stated, "The first quarter's results reflect better than expected sales of our PLAC ELISA Test to several laboratory customers. This positive sales performance is tempered by the news that we will not launch our PLAC TIA Test in the current quarter. However, given the strength of our sales during the first quarter, we are maintaining our previous guidance for 2011 revenue and net cash used."
diaDexus said it is maintaining its guidance for 2011 total revenue at $12 - 13 million. This guidance does not include any revenue contribution from the TIA product. The company also said it is maintaining its guidance for net cash used in operating activities at $10 - 12 million and continues to estimate its 2011 capital expenditures at $500,000. The company stated