NEW YORK (GenomeWeb) – Signal Genetics said after the close of the market on Thursday that its first quarter revenues dropped 41 percent year over year.
The Carlsbad, California-based molecular diagnostics firm recorded $645,000 in revenues for the three months ended March 31, down from $1.1 million in the year-ago quarter. The firm said that the decrease was driven by a drop in the number of tests billed for University of Arkansas for Medical Sciences research and clinical patients at the hospital.
It added that it anticipates pressure on revenues from the UAMS research programs to continue through the rest of the year.
The decline in the recently completed quarter was also impacted by a reduction in reimbursement estimates used to calculate revenues from billings to non-contracted insurance payors, Signal Genetics said.
Tests billed for US hospitals outside of UAMS increased 38 percent year over year to 163, while total test orders decreased 10 percent to 777.
Signal Genetics said that its net loss for Q1 2015 was $2.6 million, or $.45 per share, compared to a net loss of $706,000, or $3.53 per share, in Q1 2014.
The firm went public in June 2014 and used almost 5.8 million shares to calculate its loss-per-share figure in the recently completed quarter, compared to 200,000 shares in Q1 2014.
The firm reported $13.3 million in cash as of the end of the quarter. In February, it raised about $9 million in a secondary offering of its shares.
"We continue to expand our sales volume with hospital around the [US] and are intently focused on growing sales outside of the University of Arkansas for Medical Sciences hospital," Signal Genetics President and CEO Samuel Riccitelli said in a statement. "We believe the greatest long-term growth potential exists with these other US hospitals, and expect that they will be an increasingly important contributor to our future success as we further expand our presence beyond UAMS."