SEATTLE, WA--(Marketwired - May 15, 2013) - Atossa Genetics, Inc. (NASDAQ: ATOS), the Breast Health Company, today announced its first quarter 2013 financial results and corporate developments.

"The national rollout of our ForeCYTE Breast Health Test is proceeding well and we are pleased with the response we are getting from the physician community and from patients," stated Dr. Steven Quay, chairman, CEO and president. "We were particularly pleased to have completed an agreement with Millennium HealthCare, Inc., which provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting edge medical devices focused primarily on preventive care through early detection.Millennium has initially submitted an order for 10,000 ForeCYTE Breast Health collection kits for distribution to its network of physicians' offices in the New York Metro area and Northern New Jersey. We anticipate signing up additional distributors this year and continuing to build our internal sales and marketing team."

Corporate Highlights

First Quarter 2013 Financial Results

Revenues for the three months ended March 31, 2013, were $182,670, which included $13,440 of product revenue from the sale of MASCT Systems and $169,230 of diagnostic testing service revenue from the ForeCYTE breast health tests. This compares with total revenues of $54,713 for the first quarter ended March 31, 2012. The year-over-year increase in total revenue was driven by the national rollout of the ForeCYTE test in January 2013.

Gross profit for the three months ended March 31, 2013, was $116,206. This compares to gross profit of $27,709 for the quarter ended March 31, 2012.

Net loss for the quarter ended March 31, 2013, was $1.9 million, or $(0.14) per share, compared with net loss of $1.1 million, or $(0.09) per share, for the first quarter ended March 31, 2012. The increase in net loss was primarily attributable to an increase in general and administrative expense of $963,420, including increased expenses related to the national launch of the ForeCYTE test.

Total operating expenses were $2.1 million for the three months ended March 31, 2013, consisting of G&A expenses of $1.6 million, selling expenses of $272,575 and research and development expenses of $220,192.This compares to total operating expenses of $1.1 million for the three months ended March 31, 2012, consisting of G&A expenses of $601,452, selling expenses of $70,435 and research and development expenses of $417,990.The increase in G&A expenses of $963,420, from the first quarter of 2012 to the first quarter of 2013, is attributed to the launch of the Company's MASCT System, ForeCYTE test and ArgusCYTE test and the related growth in expenses to hire additional staff and expand the Company's operations.Atossa expects that its G&A expenses will continue to increase as it adds additional employees and incurs additional costs as a publicly traded company. Additionally, G&A costs are expected to rise as the Company increases headcount to coordinate the production and manufacture of the MASCT System, and the expected increase in service revenue.Selling expenses increased $202,140 from the first quarter of 2012 to the first quarter of 2013 as a result of hiring additional sales and marketing personnel and incurring additional marketing expenses directly and to the Company's distributor for the national launch of the ForeCYTE test.Research and development expenses decreased by $197,798 from the first quarter of 2012 to the first quarter of 2013 as a result of completion of the development of the ForeCYTE test and ArgusCYTE test in 2012 and as a result of Atossa's focus in 2013 on the national launch of ForeCYTE.

At March 31, 2013, Atossa had cash and cash equivalents of $1.4 million.

About Atossa Genetics, Inc.

Read the rest here:
Atossa Genetics Reports First Quarter 2013 Results and Operating Highlights

Comments are closed.