Thursday, medical test maker, Monogram Biosciences Inc. (MGRM), said it expects net sales for fiscal 2008 to increase 44% from the year-ago period, consistent with its prior guidance, helped by significant progress in its HIV business. The company also provided revenue guidance for fiscal 2009.
Monogram Biosciences expects to report 2008 net sales of $62 million, an increase of 44% year-over-year.
The company anticipates net sales for fiscal 2009 of between $66 million and $70 million. Excluding one-time items, the company now expects 2009 revenue within a range of $70 million - $75 million. Adjusted revenue guidance includes deferred revenue of $4 million - 5million from sales of Trofile assays to Pfizer outside of the U.S.
Monogram added that it expects further revenue growth in 2009 from Trofile, its patient selection assay for the CCR5 antagonist class of HIV drugs. The recently launched breast cancer assay HERmark is also expected to contribute to revenue in 2009.
Alfred Merriweather, Monogram's Chief Financial Officer said, "A key financial goal for Monogram is to achieve cash flow breakeven by the fourth quarter of 2009 and then to remain cash flow positive on a sustainable basis."
The company said that it has taken a number of steps to reduce its use of cash including reduction of costs related to personnel, programs and overhead activities. Furthermore, cost reductions have resulted in a gain of over $10 million in planned 2009 expenses. These actions have substantially reduced the level of revenues at which cash flow breakeven is projected from $23 million -$25 million per quarter to less than $20 million per quarter.
The company also announced the receipt of a notification dated January 15, 2009 from the Nasdaq Stock Market, which stated that Monogram had regained compliance with Nasdaq requirements for continued listing on the Nasdaq Stock Market. Monogram was served with a Nasdaq delisting notice for failing to comply with minimum bid price requirement for continued listing.
MGRM closed Thursday's regular trading at $2.57, up $0.20 or 8.44% on the Nasdaq.
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