DiaDexus, Inc. Announces Unaudited Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014
March 12, 2015 at 12:23 am IST
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diaDexus, Inc. announced unaudited financial results for the fourth quarter and full year ended December 31, 2014. Total revenues for the fourth quarter of 2014 were $6.0 million, compared to $6.7 million reported in the fourth quarter of 2013. This decrease was primarily the result of the previously disclosed industry-wide impact from new, more restrictive guidance issued to cardiovascular testing facilities by the Office of the Inspector General in June 2014. The company's net loss for the fourth quarter 2014 was $2.3 million, or $0.04 per basic and diluted share, compared to a net loss of $0.2 million, or $0.00 per basic and diluted share, in the fourth quarter of 2013. Loss from operations was $1,927,000 against profit of $15,000 a year ago. Loss before income tax was $2,305,000 against $194,000 a year ago.
Total revenues for the full year 2014 were $26.4 million, compared to $24.9 million reported for 2013. This 6% increase was driven primarily by the Company's services provided under a 2014 agreement with GSK. The company's net loss for the full year 2014 was $8.5 million, or $0.15 per basic and diluted share, compared to a net loss of $2.2 million, or $0.04 per basic and diluted share, for 2013. Loss from operations was $6,982,000 against $2,015,000 a year ago. Loss before income tax was $8,452,000 against $2,159,000 a year ago. This 6% increase in revenue was driven by services they provided under a 2014 agreement with GSK.
Diadexus, Inc. is a diagnostics company. The Company is engaged in developing and commercializing products that deliver healthcare providers with relevant information to assist in the management of patients throughout the course of cardiac disease. Its capabilities include manufacturing, assay development, Food and Drug Administration (FDA) regulatory clearance, and marketing and selling products. Its commercially-available products consist of two FDA-cleared tests to measure Lp-PLA2: the PLAC Test ELISA Kit (the PLAC ELISA Test) and the PLAC Test for Lp-PLA2 Activity (the PLAC Activity Test). Its other products include proADM; proET-1, which aids in predication of heart failure, and proANP, which aids in predication of heart failure. The Company sells its diagnostic products to laboratories and promotes these products to the laboratories' sales representatives, as well as directly to healthcare providers.