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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.