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Signal Genetics Reports Q4 Revenues Essentially Flat

NEW YORK (GenomeWeb) – Signal Genetics reported after the close of the market Wednesday that its fourth quarter revenues were essentially flat year over year.

For the three months ended Dec. 31, 2015, the company reported revenues of $659,000 compared to $655,000 in Q4 2014. Signal attributed the rise in revenues to an increase in testing volume for its MyPRS myeloma risk test.

Sales of MyPRS rose 131 percent to customers outside of the University of Arkansas for Medical Sciences. The increase in tests performed for pharmaceutical customers indicates that the company's commercial organization is growing, Signal said. The gains also helped offset a decrease in the number of tests billed under UAMS research programs.

The company's Q4 net loss widened to $3.0 million from a loss of $2.3 million a year ago. However, its net loss per share narrowed to $.28 from $.56 in Q4 2014, due to an increase in the number of shares outstanding.

Signal reported that its R&D expenses rose significantly to $456,000 from $80,000 a year ago, mostly due to increases in labor, material, and supplies for its internal and sponsored research programs. Its SG&A expenses rose to $2.7 million from $2.1 million the year before.

For full-year 2015, Signal said revenues fell 42 percent to $2.5 million from $4.3 million in 2014. The decline in revenues was mostly due to the decline in tests performed for UAMS. The company added it expects revenues from UAMS to continue to fall as the university's research funds have been reduced.

"During 2015 we have laid down the foundation for long-term growth including broadening our customer base, partnering with leading pharmaceutical companies and research centers, improving our reimbursement capabilities, and most importantly providing the needed testing services to multiple myeloma patients and their physicians to optimize patient care at an individual level," said CEO Samuel Riccitelli in a statement.

The company's 2015 net loss widened to $11.3 million from $7.9 million in 2014. However, its loss per share narrowed to $1.40 from $3.50 the year before.

Signal's R&D expenses for the year rose to $1.0 million from $347,000 in 2014, due to costs associated with further validation of the use of MyPRS in multiple myeloma and its precursor disease AMG. Its SG&A expenses rose 36 percent to $10.3 million from $7.6 million in 2014.

The firm ended the year with $10.8 million in cash and cash equivalents.

Signal's shares rose 16 percent to $.65 in after-hours trading Wednesday on the Nasdaq.