diaDexus fourth quarter total revenues increase 48% to $4.9 million

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 2011 fourth quarter and year-end.

Fourth quarter 2011

Total revenues for the 2011 fourth quarter were $4.9 million, a 48% increase over $3.3 million for the fourth quarter of 2010, representing the highest quarterly revenues in the history of the company.  Total expenses for the quarter were $5.8 million, unchanged from the fourth quarter of 2010. The company's net loss for the quarter was $1.0 million compared to a $2.1 million net loss in the fourth quarter of 2010. The decrease in net loss for the quarter was largely due to a $1.6 million increase in fourth quarter sales of the PLAC® Test for Lp-PLA(2) versus the comparable 2010 period.  Net cash used in operating activities for the fourth quarter of 2011 was $1.6 million versus $2.8 million for the same period the year prior.

Year-end 2011

Total revenues for the 12-month period ended December 31, 2011 were $16.4 million compared to  $11.8 million for 2010.  This 39% increase was due to accelerated demand for the company's PLAC® Test for Lp-PLA(2) and represents record annual revenues. Total operating expenses for 2011 were $24.2 million compared to total operating expenses of $20.4 million in 2010. The company reduced its net loss to $7.5 million for the year ended December 31, 2011, compared to a net loss of $8.4 million in 2010. Net cash used in operating activities was $6.7 million in 2011 versus $7.5 million in 2010, also primarily a result of higher revenues.

Cash and investments at December 31, 2011 were $17.2 million compared to $20.4 million at December 31, 2010.

Guidance

diaDexus maintained its guidance for 2012 total revenues at $20 million to $21 million, projecting year-over-year growth of approximately 26% compared to 2011.  The company believes it will use approximately $6 million in operations. Future financing needs will depend on the company's ability to increase the rate of adoption for the company's products by physicians, progress in achieving additional positive coverage decisions from insurers for the PLAC® Test for Lp-PLA(2), and commercialization needs.

"diaDexus had an outstanding fiscal 2011, the strongest fourth quarter in the history of the company, and grew revenues to a record of $16.4 million," said Brian Ward, Ph.D., diaDexus' Chief Executive Officer. "We are gaining strong momentum with acceptance of the PLAC Lp-PLA(2) Mass testing as an essential biomarker that aids physicians by indicating the risk of cardiovascular heart disease and stroke in the United States. With the launch of diaDexus' new PLAC® Test for Lp-PLA(2) Activity in Europe in the first quarter of 2012, we are now positioned for further long-term sales momentum.  The recent hire of Jean Viret as our Chief Financial Officer completes our executive management team, and allows us to maintain our sales momentum and deliver increased value to our shareholders."

SOURCE diaDexus, Inc.