Diadexus, Inc. Announces Unaudited Financial Results for the Fourth Quarter and Full Year Ended December 31, 2015
March 29, 2016 at 06:13 am EDT
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Diadexus, Inc. announced unaudited financial results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total revenue of $3.5 million, compared to $6.0 million for the fourth quarter of 2014. This decrease was primarily attributable to a reduction in service revenues as the company completed an agreement with GSK in the fourth quarter of 2014. Net loss was $1.5 million, or $0.37 per basic and diluted share, compared to a net loss of $2.3 million, or $0.62 per basic and diluted share, in the fourth quarter of 2014. Loss from operations was $993,000 against $1,927,000 a year ago. Loss before income tax was $1,521,000 against $2,305,000 a year ago.
For the full year, the company reported total revenues of $18.1 million, compared to $26.4 million for the year ended December 31, 2014. This decrease was primarily attributable to a reduction in service revenues as Diadexus completed a $5 million agreement with GSK in the fourth quarter of 2014. Net loss was $7.2 million, or $1.83 per basic and diluted share, compared to a net loss of $8.5 million, or $2.30 per basic and diluted share, for the year ended December 31, 2014. Loss from operations was $5,250,000 against $6,982,000 a year ago. Loss before income tax was $7,155,000 against $8,452,000 a year ago. This 6% increase in revenue was driven by services they provided under a 2014 agreement with GSK. Cash used in operating activities decreased to $5.5 million for the year ended December 31, 2015, compared to $7.0 million for the year ended December 31, 2014.
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.