LipoScience (LPDX +3.4%) trades up today after announcing the availability of its NMR lipoprotein particle testing using the Vantera Clinical Analyzer through Mayo Medical Laboratories. The analysis provides physicians and patients with a detailed assessment of cardiovascular disease risk from a single blood test that measures the concentration of low-density lipoprotein particles and other lipoprotein information.
LipoScience (LPDX -22.8%) tanks after CEO Richard Brajer expresses his dissatisfaction with the company's revenue performance in Q1 (-1.2% Y/Y). LipoProfile test order growth fell to 8.7% Y/Y versus Y/Y growth of 14.8% in Q4, although orders did rise Q/Q. The main problems — which include difficulties ramping up new sales reps, faster direct business-to-lab partner conversion, and managed care headwinds — "cannot be fixed overnight," Brajer laments. In light of this, LPDX lowers its FY13 revenue guidance to $54-56M (consensus is $61.43M). (PR)
LipoScience (LPDX +0.6%) moves up after Piper Jaffray initiates the shares with an Overweight and a $15.00 price target. Piper notes that ongoing traction converting its LDL-C patient monitoring assays to LDL-P and represents a potential $330M annual revenue run-rate, which would exceed both its top and bottom-line projections. Separately, Barclay's and UBS also initiated coverage with an Overweight and Buy, respectively.
LipoScience (LPDX) cuts its IPO range to $9-10 from $13-15. At 5M shares, that will be about $48M raised for the medical diagnostic firm whose nuclear magnetic resonance (NMR) LipoProfile test provides risk assessment for cardiovascular events.