NEW YORK (GenomeWeb) – Cancer Genetics today said that its fourth quarter revenues more than doubled year over year on strength in its biopharma service business.
For the three months ended Dec. 31, 2014, the Rutherford, NJ-based firm posted $4 million in total revenues, compared to $1.9 million in Q4 2013. It said that biopharma revenues grew 280 percent year over year, including contributions from Gentris, which Cancer Genetics acquired last summer. Meanwhile, the clinical services business was up 24 percent.
The company had a net loss of $5.2 million, or $.55 per share, in the quarter, compared to a net loss of $2.5 million, or $.37 per share, a year ago. Its net loss on an adjusted basis was $.49 per share.
For full-year 2014, revenues grew to $10.2 million from $6.6 million, a 54 percent increase. The improvement was driven primarily by the Gentris and BioServe Technologies acquisitions, the company said.
Biopharma service revenues were up 112 percent year over year to $5.6 million from $2.7 million a year ago, Cancer Genetics said, while clinical service revenues rose 21 percent to $4.4 million from $3.7 million. Revenues from the recently launched discovery services business increased $161,000 in 2014, it added.
Signed contracts in biopharma services grew "significantly" to more than $25 million by the end of 2014, the firm said.
It had a net loss of $16.6 million, or $1.80 per share, in 2014, compared to a net loss of $12.4 million, or $3.64 per share, in 2013. Its net loss on an adjusted basis was $1.71 per share.
Its R&D spending in 2014 shot up to $4.6 million from $2.2 million in 2013, while its SG&A costs increased to $16.3 million from $8.0 million.
Cancer Genetics finished 2014 with $25.6 million in cash and cash equivalents.
In morning trading on the Nasdaq, Cancer Genetics' shares were up 5 percent at $8.33.