Nanogen revenues double for the quarter to $7.5 million

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Nanogen, Inc. said that for the quarter ended Sept. 30 its total revenues more than doubled to $7.5 million from $3.2 million in the same period in 2005.

Product revenues for the quarter were up more than four-fold at $4.7 million, from $1.1 million for the third quarter of 2005.

The company had a net loss of $11.8 million, or loss per share of $0.18, for the third quarter compared to a net loss of $8.8 million, or loss per share of $0.18, for the same quarter in 2005.

Nanogen's consolidated cash, cash equivalents and short-term investments balance at the end of the third quarter of 2006 was $32.8 million, compared to $18.6 million in the second quarter of 2006.

"I am very pleased with the steady increases in product revenues we have achieved during the past several quarters," chief executive officer Howard C. Birndorf said in a company news release.

"Importantly, our modified EBITDA loss improved by 18% from the prior quarter, due in part to implementation of cost-containment measures. Additional cost decreases can be expected to result from staff reductions and consolidation measures announced in October."

Nanogen is a San Diego-based diagnostics product company.

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