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Cancer Genetics Q1 Revenues Triple

NEW YORK (GenomeWeb) – Cancer Genetics reported today that total first quarter 2015 revenues more than tripled year over year.

The Rutherford, New Jersey-based firm said that for the first three months of 2015 it took in $4.4 million in total revenues, up from $1.4 million in the year ago quarter, due to a revenue contribution from acquisitions and an increase in volume of the firm's SelectOne clinical trials services. Revenues were in line with the consensus Wall Street estimate of $4.4 million.

The firm is making progress in market adoption of its next-generation sequencing panels, and recent acquisitions have "positioned us for diversified growth and unparalleled access to the oncology community," CEO Panna Sharma said in a statement.

In 2014, Cancer Genetics acquired Gentris and BioServe Biotechnologies.

Biopharma Services revenue leaped 578 percent to $3.3 million from $491,000 in Q1 2014, while Clinical Services revenue decreased 7 percent to $873,000 from $939,000. The firm attributed the decrease in Clinical Services revenue to pricing pressure from Medicare and private insurers. The new Discovery Services line of business brought in revenue of $166,000.

Cancer Genetics posted a net loss of $4.3 million, or $.44 per share, in the quarter compared to a loss of $2.5 million, or $.27 per share, for the previous year's quarter, beating the consensus Wall Street estimate of $.54 loss per share.

Cancer Genetics' R&D expenses for the quarter more than doubled to $1.3 million from $596,771 in the prior year period, while SG&A expenses were up 18 percent to $4.1 million from $3.5 million in the prior-year period.

As of March 31, 2015, Cancer Genetics had $28.6 million in cash and cash equivalents, which includes $6.3 million in restricted cash for the company's loan facility with Wells Fargo. This restriction has been released with a refinancing of the company's debt facility, Cancer Genetics said.