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Cancer Genetics Q2 Revenues Drop 5 Percent

NEW YORK – Cancer Genetics on Friday reported a 5 percent decrease in second quarter revenues, which it said was primarily due to the timing of discovery services studies.

For the three-months period ended June 30, the Rutherford, New Jersey-based drug-discovery and preclinical oncology services provider posted total revenues of $1.4 million compared to $1.5 million in the same quarter a year ago. The firm's revenues were generated entirely from discovery services following last year's sales of its biopharma services business to Interpace Biosciences for $23.5 million and its clinical laboratory business to siParadigm for $1 million.

Cancer Genetics posted a net loss of $1.7 million, or $.79 per share, for the second quarter versus a net loss of $3.8 million, or $1.98 per share in the same period a year earlier.

The firm's sales, marketing, general, and administrative costs for &A expenses rose 67 percent to $2.5 million from $1.5 million.

Cancer Genetics did not report Q2 R&D expenses.

At the end of the quarter, Cancer Genetics had cash and cash equivalents totaling $2.9 million.

Cancer Genetics' shares dropped 2 percent to $2.94 in morning trading on the Nasdaq.