Raleigh diagnostics company LipoScience reported Monday that it lost money in the first quarter, but the loss was smaller than the previous year’s first quarter and not as bad as analysts had expected.
The company reported a net loss of $2 million, compared to a loss of $2.8 million during the same period last year. The consensus among analysts who cover the company was a loss of $3.5 million, according to Bloomberg.
LipoScience said first quarter revenue slipped 11.8 percent to $12 million. Analysts had forecast revenue of $11.8 million. The company said the volume of its medical test fell 6.5 percent and the selling price of the tests dropped 5.4 percent.
The company has been struggling since it went public in 2013 and its stock has lost more than half its value in the past year. Last week LipoScience announced that it had laid off 22 employees, cuts that it said will stretch operating expenses for the next 18 to 24 months. The company now has 180 employees.
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LipoScience’s technology measures lipoprotein particles in the bloodstream that cause plaque buildup in arteries and lead to heart disease. The test competes with a conventional cholesterol test, which offers an estimate of heart disease risk.
LipoScience said it remains focused on boosting physician adoption of the lipoprotein test by teaching doctors how it works and how to use it for their patients.
The company’s stock closed Monday at $3.16, down 2 cents. The shares are down 25 percent this year and 51 percent over the past 12 months.