Triangle medical diagnostics company LipoScience issued its first earnings release as a publicly traded company Wednesday, reporting a boost in sales and in profits for the fourth quarter.
LipoScience reported that it raised $44.4 million in its public stock offering in January by selling 5.75 million shares of stock at $9 a share. Shares closed at $10.49 Wednesday, up 20 cents on the day.
The Raleigh company, which makes a lab test that assesses a patient's risk of heart disease, projected that 2013 revenue will increase between 7.7 percent and 11.3 percent.
The company employed 204 people as of Dec. 31 but could not be reached Wednesday for an update. LipoScience said it has nearly $25 million in cash and equivalents, and nearly $21 million in debt.
LipoScience reported that fourth-quarter revenue grew 8.6 percent to $13.6 million. That's based on clinicians ordering 490,000 tests on the company's NMR LipoProfile tests, an increase of nearly 15 percent.
Net income for the quarter was $200,000, up from $20,000 in the same quarter a year earlier.
LipoScience plans to use the proceeds of its stock offering to expand sales staff and finance research and development.
The NMR LipoProfile test generates the bulk of the company's revenue. Until recently the test could be performed only by LipoScience technicians in Raleigh, but in August the company won regulatory approval for an automate system that can be used off-site by independent labs.
LipoScience was founded in 1994 and began operations in 1997.