Only eight months after an initial public stock offering, all the trends are moving in the wrong direction for Raleigh medical diagnostics company LipoScience. But company executives said Tuesday morning they're taking aggressive steps to reverse a worsening situation that led to the resignation of its CEO this week and downgraded financial forecasts.
LipoScience was the Triangle's first IPO of the year and had predicted rapid growth for its novel diagnostics technology, which measures the risk of heart disease. Now the company is facing frustrated shareholders and anxious employees as its financial future appears cloudy.
The company said the market price for its diagnostics tool is falling at a time that the company is investing heavily to beef up its sales force to move more product. Those trends could not overcome the fact that LipoScience sold 529,000 tests in the second quarter, which is 7.5 percent more than a year earlier.
As a result, second-quarter sales slipped 4.2 percent from a year ago, to $13.3 million. The company posted a net loss of $2.4 million compared to a net profit of about $300,000 a year earlier.