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Cancer Genetics Q3 Revenues Down 24 Percent

NEW YORK — Cancer Genetics on Thursday posted a nearly 24 percent year-over-year decline in revenues for the third quarter as the SARS-CoV-2 pandemic impacted its customers' R&D operations.

For the three-month period ended September 30, Cancer Genetics' revenues fell to $1.6 million from $2.1 million a year earlier as customers for its drug-discovery and preclinical oncology services experienced shifted their resources to SARS-CoV-2 initiatives and their scientific and discovery teams began working remotely.          

Cancer Genetics reported a Q3 net loss of $1.4 million, or $.58 per share, versus a year-ago net profit of $2.0 million, or $.98 per share.

Earnings in the third quarter of 2019 included approximately $6.8 million in income from Cancer Genetics' former biopharma and clinical lab businesses, which the firm divested last year to Interpace Diagnostics and siParadigm, respectively. The firm's net loss from continuing operations in Q3 last year was $4.8 million, or $2.38 per share.

SG&A costs in the quarter were essentially flat year over year at $1.6 million. Cancer Genetics did not report any Q3 R&D spending.

As of the end of September, Cancer Genetics had about $1.1 million in cash and cash equivalents. Earlier this month, the Rutherford, New Jersey-based company raised about $3.5 million through a public offering, which it said it will use to meet its cash requirements pending its merger with organoid startup Stemonix.