NEW YORK (GenomeWeb) – Signal Genetics said before the opening of the market that its first quarter revenues increased 27 percent year over year.
For the three months ended March 31, the Carlsbad, California-based molecular diagnostics firm reported revenue of $818,000, up from $645,000 a year ago, attributable to a record number of tests billed for clinical patients, the firm said in a statement.
The number of tests billed for increased 93 percent year over year, due to increased commercial presence, the firm said.
Signal Genetics reported a Q1 net loss of $2.8 million, or $.26 per share, compared to a loss of $2.6 million, or $.45 per share, a year ago.
The firm's R&D spending tripled to $307,000 from $100,000 in Q1 2015, while its SG&A expenses increased to $2.6 million, up 9 percent from $2.4 million in Q1 2015, due to increased personnel costs and marketing expenses as well as a newly established medical department.
Signal Genetics ended the quarter with $8.6 million in cash and cash equivalents and working capital of $7.2 million.
"The first quarter was a positive start to the year for Signal, and clearly demonstrated the impact of our growth strategy," Signal President and CEO Samuel Riccitelli said. "As we have continued to emphasize, the opportunity for the company and our MyPRS assay is primarily driven by the expansion of sales to hospitals throughout the US and improving the collection of reimbursements from payors. We are achieving both of these objectives, which enabled us to generate significant revenue growth during the quarter."
During the quarter, Signal signed a sponsored research agreement with the University of Texas MD Anderson Cancer Center to evaluate the clinical utility of the firm's MyPRS test for multiple myeloma risk.