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Nanogen Reports 2008 Preliminary Unaudited Fourth Quarter and Full Year Financial Results; Continues Efforts on Strategic Transaction
Mar 6, 2009
SAN DIEGO (March 6, 2009) – Nanogen, Inc. (Nasdaq: NGEN), developer of in vitro diagnostic products, today reported its preliminary, unaudited financial results for the quarter and year ended December 31, 2008.
For the full year of 2008, total revenues reached $46.9 million, an increase of 23% from the prior year. Fourth quarter revenues declined from third quarter levels due to delayed recognition of contract revenue, exchange rate impacts and seasonality. Total revenues for the fourth quarter of 2008 were $9.5 million, slightly lower than the $9.8 million recorded in the same period in 2007 and 31% percent lower than the $13.8 million recorded in the third quarter of 2008. Product revenues for the fourth quarter of 2008 decreased by 5% to $5.6 million from $5.9 million in the same period in 2007, and decreased by 28% from the $7.8 million recorded in the third quarter of 2008.
Total costs and expenses, including cost of product sales, declined from the level in both the prior year and prior third quarter. In the fourth quarter of 2008 total costs and expenses were $15.0 million compared to $20.8 million in the fourth quarter of 2007 and $18.0 million in the third quarter of 2008. For the full year of 2008, the total of costs and expenses declined to $70.9 million versus $91.9 million in 2007.
For the quarter ended December 31, 2008, Nanogen reported a net loss of $2.0 million, or $0.02 per share, compared to a net loss of $6.5 million or $0.09 per share for the same quarter in 2007, and a net loss of $6.0 million or $0.08 per share in the third quarter of 2008. For the full year of 2008, the net loss was $38.1 million versus $33.9 million in 2007.
Nanogen's consolidated cash, cash equivalents and short-term investments balance at the end of the fourth quarter of 2008 was approximately $3.1 million.
“Our strategy and related restructuring has clearly improved the performance of our business,” said Howard Birndorf, chairman and chief executive officer. “However, our available cash resources are not adequate to support our 2009 plan and therefore, we are aggressively continuing our efforts with Cowen & Co. to identify and evaluate strategic opportunities for our business. This effort is one of our highest priorities.”
In order to conserve its limited cash resources, the company has deferred the audit of its financial statements for the year ended December 31, 2008. Accordingly, the company does not expect to file its Form 10-K by March 31, 2009, the applicable deadline under the applicable rules of the Securities and Exchange Commission.
About Nanogen, Inc.
Nanogen’s in vitro diagnostic products provide researchers, clinicians and physicians worldwide with improved methods and tools to predict, diagnose, and ultimately help treat disease. The company's products include real-time PCR reagents and a line of rapid, point-of-care diagnostic tests. For additional information please visit Nanogen’s website at www.nanogen.com.
Cautionary Statement: This press release contains forward-looking statements based on the company’s current expectations. These forward-looking statements include, without limitation, references to the company’s performance and completion of a strategic transaction. Actual results may differ materially from these forward-looking statements due to a number of factors and, consequently, you should not rely on such forward looking statement as prediction of future event. These factors include, but are not limited to, the company’s available cash resource and ability to pay its trade obligations, the willingness of vendors to continue supplying services and materials to the company, the occurrence of defaults under the company’s convertible notes and other obligations, potential creditors actions against the company, including commencing an insolvency proceeding, ability to maintain its Nasdaq listing, and other risks and uncertainties discussed under the caption “Risk Factors” in the company’s Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
