financial results

The company's clinical services revenues were down 34 percent year over year while product revenues ticked up 7 percent.

Individual stocks in the GenomeWeb Index were mostly down in May, with 21 of the 30 stocks posting losses and nine stocks recording gains.

The decrease came as improved performance by its biopharma services operations was more than offset by declines in clinical and discovery services revenues.

The company also reported a decline in its net loss for the quarter on lower operating expenses due to a recent reorganization that included layoffs.

The company also reported a jump in its first quarter net loss as operating expenses climbed on higher research and development spending.

The firm is conducting validation studies on its lung cancer test and continues to anticipate commercializing it in the second half of this year.  

Core revenues grew 4 percent year over year, but the firm missed Wall Street analyst estimates on both the top and bottom lines.

The firm said its growth was driven in part by increasing sales volumes of its gastrointestinal PancraGen business and endocrine ThyGeNext/ThyraMir business.

The embattled company saw its net loss narrow during the first quarter, in part due to a new policy of giving away fewer nonreimbursed GPS Cancer and Liquid GPA molecular test orders than in the past.

The liquid biopsy firm beat analyst estimates on the top and bottom lines and raised full-year revenue guidance to $145 to $150 million.