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Liposcience Inc (LPDX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

Liposcience Inc

CIK: 1168197 Ticker: LPDX
Exhibit 99.1


LipoScience Announces 2014 Third Quarter Financial Results


RALEIGH, N.C., November 12, 2014 (GLOBE NEWSWIRE)
-- LipoScience, Inc. (NASDAQ: LPDX) today announced its financial results for the third quarter ended September 30, 2014.

Third Quarter 2014 Highlights

Quarterly revenue decreased 5% sequentially and 33% year-over-year to $8.6 million
Net loss was $4.3 million and Basic and Diluted EPS was $(0.28) versus $(0.31) in Q3 2013
Net cash used in operating activities was $1.9 million for the three months ended September 30, 2014, a decrease of $0.3 million from the same period last year

Third Quarter 2014 Operating Results

Total revenue for the third quarter of 2014 decreased approximately 5% sequentially and 33% year-over-year to $8.6 million, compared to $9.0 million in the prior quarter and $12.7 million in the corresponding quarter of the prior year. NMR LipoProfile test unit volumes decreased approximately 8% sequentially and 38% year-over-year to 318,000, compared to 346,000 in the prior quarter and 509,000 in the corresponding quarter of the prior year. The sequential and year-over-year decreases in revenue and unit volumes were due to the termination of our contract with Health Diagnostic Laboratory, Inc., or HDL, during the second quarter of 2014. The overall average selling price of NMR LipoProfile tests remained flat sequentially and increased 4% year-over-year. The year-over-year increases primarily resulted from the termination of our relationship with HDL.

For the third quarter ended September 30, 2014, gross profit was $6.3 million compared to $10.1 million in the prior year, a decrease of 38%. As a result of the decreased revenue, the Company’s gross margin decreased to 73% for the three months ended September 30, 2014, compared to 80% for the third quarter of 2013.

Sales and marketing expenses were $4.6 million, down 40% compared to $7.6 million in the prior year period. As a percentage of revenues, sales and marketing expenses were 53% of revenues for the third quarter of 2014, compared to 60% of revenues in the third quarter of 2013. The decrease was primarily driven by lower staff-related costs and lower marketing costs.

General and administrative expenses were $3.5 million, up 7% compared to $3.3 million in the prior year period. As a percentage of revenues, general and administrative expenses were 41% of total revenues for the third quarter of 2014, compared to 26% of revenues in the third quarter of 2013. The increase primarily resulted from the $1.0 million merger-related expenses incurred in connection with the proposed merger with LabCorp, which were partially offset by lower professional and consulting fees and lower staff-related costs.




The following information was filed by Liposcience Inc (LPDX) on Wednesday, November 12, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: LPDX
CIK: 1168197
Form Type: 10-Q Quarterly Report
Accession Number: 0001168197-14-000055
Submitted to the SEC: Wed Nov 12 2014 7:05:53 AM EST
Accepted by the SEC: Wed Nov 12 2014
Period: Tuesday, September 30, 2014
Industry: In Vitro And In Vivo Diagnostic Substances

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