Nanosphere, Inc. (NASDAQ:NSPH), a company enhancing medicine through targeted molecular diagnostics, reported preliminary results for the fourth quarter ended December 31, 2015.
Nanosphere achieved record preliminary revenues for the fourth quarter of 2015 of $6.8 million compared to $4.6 million in the fourth quarter of 2014. This 48% year-over-year revenue growth for the quarter ended December 31, 2015 was driven by our expanding customer base and associated infectious disease microbiology test revenue. Preliminary full year 2015 revenue of $21.0 million represents an increase of approximately 47% over full year 2014 revenue of $14.3 million, and exceeded 2015 revenue guidance of $18-20 million. The Company also reported approximately 35 new customer placements in the fourth quarter of 2015.
“We are pleased to report another consecutive quarter of record revenue. Our continued progress is driven by a clear focus on execution and continued adoption of our Verigene system and its expanding menu though our U.S. customer base. We believe these preliminary results validate our value proposition, competitive position in the market and represent a pivotal point in our growth as a leader in the molecular microbiology market. We look forward to providing additional financial and operating results, as well as 2016 guidance, and holding our Q4 investor call in early February,” said Michael McGarrity, Nanosphere’s president and chief executive officer. (Original Source)
Shares of Nanosphere jumped nearly 38% in after-hours trading. NSPH has a 1-year high of $8.98 and a 1-year low of $0.48. The stock’s 50-day moving average is $0.92 and its 200-day moving average is $2.04.
On the ratings front, Piper Jaffray analyst William Quirk maintained a Hold rating on NSPH, with a price target of $2.00, in a report issued on November 10. The current price target implies an upside of 250.9% from current levels. According to TipRanks.com, Quirk has a total average return of 3.5%, a 51.4% success rate, and is ranked #1177 out of 3647 analysts.
Nanosphere Inc develops, manufactures and markets molecular diagnostics platform, the Verigene System, which enables sensitive genomic and protein testing on a single platform.