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Cancer Genetics Estimates Preliminary Q2 Revenues of $1.7M to $1.8M

NEW YORK (GenomeWeb News) — Cancer Genetics today said in a regulatory document that its second-quarter revenues are expected to be in the range of $1.7 million and $1.8 million.

That compares to $1.1 million in the second quarter of 2012.

Figures for the three monthes ended June 30, 2013 include no grant revenues, compared to $184,500 a year ago. Revenue increase for the recently completed period "substantially" resulted from increased revenues from a clinical trials client, the Rutheford, N.J.-firm, which went public in April, said in a document filed with the US Securities and Exchange Commission.

Preliminary gross profit for the second quarter is estimated at between $520,000 and $580,000, it added, while preliminary operating loss is anticipated at between $1.6 million and $1.9 million. .

Cancer Genetics had about $1.9 million in cash and cash equivalents at the end of the quarter. Last month, it filed a preliminary prospectus to offer $15 million in a public offering of its stock.