Net loss for 2012 was $32.9 million, compared with $35.4 million in 2011. Net loss for the fourth quarter of 2012 decreased to $7.6 million compared with $8.6 million for the same period in 2011 and $8.7 million in the third quarter of 2012.
Cash flow for the fourth quarter of 2012 was negative $8.8 million including $1.5 million of investments in inventory to support system placements. Full year 2012 cash flow from operations was negative $31.7 million, of which $4.8 million was driven by increases in inventory. Cash at December 31, 2012 was $33.1 million.
Nanosphere is evaluating debt facilities to help manage its working capital needs and is currently in discussions with debt providers.
For the fiscal year ending December 31, 2013, the Company expects to generate between $13 million and $15 million in product revenue and between 200 and 250 customer placements.
Nanosphere had previously provided guidance in the range of 80 to 100 placements for the first quarter of 2013. Slower than anticipated growth in international markets and the timing of projected regulatory approvals of the Company's gram negative blood stream infection and its enteric pathogens panels make 45-55 placements more likely in the first quarter.
Conference Call Details
Wednesday, February 13, 2013 at 5:00 P.M., Eastern Time
Replay: Through February 20, 2013 on the Company's website or by dialing:
About Nanosphere, Inc.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene® System, for direct genomic and ultra-sensitive protein detection. This easy to use and cost effective platform enables simple, low cost and highly sensitive genomic and protein testing on a single platform. Nanosphere is based in Northbrook, IL. Additional information is available at http://www.nanosphere.us.
Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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