SOUTH SAN FRANCISCO, Calif., May 8, 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 first quarter of 2012.
Total revenues for the first quarter of 2012 were $4.9 million, a 49% increase over $3.3 million for the first quarter of 2011, marking seven consecutive quarters of year-over-year revenue growth. Total operating expenses for the quarter were $6.2 million, slightly more than the first quarter of 2011 due to higher product costs to support increased sales. The company's net loss for the quarter narrowed to $1.3 million from a $2.5 million net loss in the first quarter of 2011. The improvement in net loss for the quarter was largely due to greater sales of our PLAC® ELISA kits in the United States. Net cash used in operating activities for the first quarter of 2012 was $0.8 million versus $1.9 million for the same period the year prior. Cash and investments at March 31, 2012 were $15.9 million compared to $17.2 million at December 31, 2011.
diaDexus maintained its guidance for 2012 total revenues at $20 to $21 million and left unchanged its projected cash use in operations at approximately $6 million for 2012. Future financing needs will depend on the company's ability to continue increasing the rate of adoption for the company's products by physicians and the company's progress in achieving additional positive coverage decisions from insurers for the PLAC® Test.
"Our first quarter revenues reflect increased market acceptance of the PLAC® Test. diaDexus is poised to take advantage of continued growth in cardiovascular specialty laboratories, with over 80% of our revenues coming from this rapidly growing segment. We are seeing more and more physicians