Skip to main content
Premium Trial:

Request an Annual Quote

Cancer Genetics' Q2 Revenues up 64 Percent

NEW YORK (GenomeWeb News) – Cancer Genetics today reported that its second quarter revenues increased 64 percent year over year.

For the three months ended June 30, revenues rose to $1.8 million, up from $1.1 million. Clinical test volume increased 97 percent to 3,204 tests during the recently completed quarter, compared to 1,623 a year ago, Cancer Genetics said.

Revenues were in line with preliminary estimates that the Rutherford, NJ-based firm announced in late July.

Its net loss for the second quarter rose to $9.1 million, or $2.29 per share, compared to a net loss of $1.9 million, or $2.32 per share, a year ago. Cancer Genetics, which went public in April, used approximately 4 million shares to calculate its net loss per share figure for the second quarter of 2013, compared to 1.4 million shares in the year-ago period.

During the recently completed quarter, the firm reported $6.8 million in expenses related to debt conversion compared to none a year ago, and an expense of $170,000 in the second quarter of 2013 for changes in fair value of warrant liability, compared to a gain of $1.5 million a year ago.

On an adjusted basis, its net loss for the second quarter was $2.3 million.

The firm's R&D expenses were cut 14 percent year over year to $455,570 from $526,730, while its SG&A expenses rose sharply to $1.8 million from $469,776.

The company ended the quarter with $1.9 million in cash and cash equivalents. In June the company filed a prospectus to offer $15 million in a public offering of its stock.

The Scan

Positive Framing of Genetic Studies Can Spark Mistrust Among Underrepresented Groups

Researchers in Human Genetics and Genomics Advances report that how researchers describe genomic studies may alienate potential participants.

Small Study of Gene Editing to Treat Sickle Cell Disease

In a Novartis-sponsored study in the New England Journal of Medicine, researchers found that a CRISPR-Cas9-based treatment targeting promoters of genes encoding fetal hemoglobin could reduce disease symptoms.

Gut Microbiome Changes Appear in Infants Before They Develop Eczema, Study Finds

Researchers report in mSystems that infants experienced an enrichment in Clostridium sensu stricto 1 and Finegoldia and a depletion of Bacteroides before developing eczema.

Acute Myeloid Leukemia Treatment Specificity Enhanced With Stem Cell Editing

A study in Nature suggests epitope editing in donor stem cells prior to bone marrow transplants can stave off toxicity when targeting acute myeloid leukemia with immunotherapy.