LipoScience reports net loss in fourth quarter

03/10/2014 5:29 PM

02/15/2015 10:41 AM

Medical diagnostics company LipoScience reported a net loss in the fourth quarter that was smaller than Wall Street analysts forecast.

The Raleigh company, which has struggled since going public in January 2013, had a net loss of $2.6 million in the quarter, or 17 cents per share, compared to net income of $200,000 in the fourth quarter of 2012. That beat the $4.1 million loss and loss of 24 cents per share that was the consensus among Wall Street analysts, according to Bloomberg.

LipoScience had revenue of $12.7 million in the fourth quarter, down 6 percent from the same period in 2012. Revenue also narrowly beat Wall Street estimates of $12.5 million.

LipoScience makes a tool that measures the risk of heart disease by measuring lipoprotein particles in the bloodstream, as opposed to taking cholesterol readings. Lipoproteins cause plaque buildup in arteries.

Clinicians ordered 511,000 tests on LipoScience’s NMR LipoProfile tests in the fourth quarter, an increase of 4.4 percent.

For the year, LipoScience reported a net loss of $12.5 million, compared to net income of $1.3 million in 2012.

LipoScience employs about 200 people. The company’s poor performance last year led to the departure of CEO Richard Brajer after 10 years leading the company. In January, LipoSciece named Howard Doran to be its new president and CEO. Doran was most recently president and chief operating officer of Constitution Medical, an early stage diagnostics company.

LipoScience shares closed Monday at $3.98, up 8 cents. The stock is down 61 percent over the past year.

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