NORTHBROOK, IL -- (Marketwire) -- 02/13/13 -- Nanosphere, Inc. (NASDAQ: NSPH)
Business Results and Guidance:
•Customer placements in 4Q12 increased to 56, up 87% over 4Q11. Annual placements of 166, up 163% over 2011. •2012 revenues were $5.1 million, a 100% increase over 2011. •FDA 510(k) clearances granted for C. difficile and 2C19 tests during 4Q12. •Gram negative blood stream infection and enteric panels set for submission to the FDA in mid-2013. •2013 guidance set at $13 million to $15 million in revenue and 200 to 250 customer placements.
Leadership Changes and Commitment of Major Shareholder:
•Michael K. McGarrity promoted to President and Chief Executive Officer. •Sheli Z. Rosenberg, Michael J. Ward and Michael K. McGarrity appointed to board, and board resignations of Mark E. Slezak, Roy N. Davis, William T. White III and William P. Moffitt were accepted. •Lurie Investments entered into a twelve-month Voluntary Lock-Up Agreement for its 14.7 million common shares.
The company, a leader in the development and commercialization of advanced molecular diagnostics systems, today reported financial results for the fourth quarter and full year ended December 31, 2012. In addition, the Company announced the appointment of current Vice President of Sales and Marketing and Chief Commercial Officer Michael K. McGarrity to succeed William P. Moffitt as President and Chief Executive Officer. Nanosphere also announced the appointment of Sheli Z. Rosenberg, Michael J. Ward and Michael K. McGarrity to the board of directors and accepted the resignations of Mark E. Slezak, Roy N. Davis, William T. White III and William P. Moffitt. Lurie Investments, together with its affiliates, is the largest holder of Nanosphere shares and has voluntarily entered into a twelve-month lock-up agreement with the Company.
Nanosphere achieved record placements and revenues for the full year and fourth quarter of 2012. 56 new customer placements were made in the fourth quarter, bringing the cumulative customer base to 272. Revenues for the fourth quarter and full year 2012 were $1.6 million and $5.1 million respectively, compared to $0.8 million and $2.5 million in the fourth quarter and full year 2011. Growth in placements and revenues in 2012 was driven predominantly by U.S.-based microbiology laboratories adopting Nanosphere's platform and growing menu of infectious disease tests. Revenue growth in the fourth quarter was driven primarily by sales to U.S. microbiology customers of systems and consumables used in testing for gram positive blood stream and respiratory infections.
During the fourth quarter of 2012, the Company received FDA clearance for its C. difficile and 2C19 genetic variance tests. The Company also announced that the Verigene System has been categorized as Clinical Laboratory Improvement Amendments (CLIA) moderate complexity. This categorization of the gram positive blood stream infection test underscores the Verigene System's ease-of-use and supports the market's demand for decentralized molecular testing.
Executive Management Change
Nanosphere's board of directors has appointed Michael K. McGarrity to succeed William P. Moffitt as President and Chief Executive Officer. Mr. McGarrity, who was previously Vice President of Sales and Marketing and Chief Commercial Officer, has more than 24 years of sales and marketing experience in the medical device industry. He joined Nanosphere after 13 years with Stryker Corporation, where he served in leadership roles in marketing and strategic development.
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