NEW YORK (GenomeWeb News) – Response Genetics' second-quarter revenues plummeted 76 percent year over year on a drop-off in the company's pharmaceutical client sales, the Los Angeles-based molecular diagnostics firm reported today.
Total revenues for the three months ended June 30 were $3.8 million, compared to $6.7 million a year ago. While ResponseDX revenue fell $151,000 from a year ago, pharmaceutical client revenue fell by more than $2.7 million from a year ago, the firm said, adding that the drop was expected.
Its net loss for the period increased to $2.7 million, or $.11 per share, from $87,344, or break-even, a year ago.
The firm's R&D spending rose more than three-fold to $699,791 from $221,546, while SG&A costs were trimmed almost 11 percent to $3.4 million from $3.8 million.
"We have made many changes in the company since the beginning of the year and we believe we have made great strides, both financially and strategically," Response Genetics Chairman and CEO Thomas Bologna said in a statement. "Since the fourth quarter of 2011, gross margins have increased, expenses have been reduced, and losses have subsequently decreased."
The company finished the quarter with $1.7 million in cash and cash equivalents.