NEW YORK (GenomeWeb News) – Response Genetics today reported a third-quarter revenue decline of 9 percent and a more than doubling of its net loss on higher spending.
The Los Angeles-based molecular diagnostics firm brought in revenues of $2 million for the three-month period ended Sept. 30, compared with revenues of $2.2 million in the comparable period of 2007. It said in a statement that the decrease was primarily due to the timing and quantity of samples for testing that it received from pharmaceutical clients.
Response Genetics posted a net loss of $2.2 million, or $.21 per share, for the quarter, up from a net loss of $898,987, or $.09 per share, for the third quarter of 2007.
The firm’s R&D spending dropped 37 percent to $410,469 from $651,536 year over year, while its SG&A spending rose 56 percent to $2.8 million from $1.8 million. The company cited an increase in personnel-related expenses to support its growth and higher costs associated with marketing its recently introduced Response Dx tests for colon and lung cancer among the items that pushed up its spending.
Response Genetics finished the quarter with $12.3 million in cash and cash equivalents.