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Response Genetics' Q1 Revenues Jump 140 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Genetics this week reported first-quarter 2010 revenue growth of 140 percent, driven by its Response DX test sales.

The Los Angeles, Calif.-based molecular diagnostics firm had total revenues of $3.7 million for the three-month period ended March 31, compared to $1.5 million for the first quarter of 2009. It said that sales of its Response DX genetic tests rose to $1.72 million from $263,000 for the first quarter of 2009.

Response Genetics posted a net loss of $2.1 million, or $.13 per share, for the quarter, down sharply from $3.3 million, or $.30 per share.

Its R&D costs edged up to $572,184 from $554,238 year over year, while its SG&A spending rose to $3.1 million from $2.5 million.

Response Genetics finished the quarter with $9.1 million in cash and cash equivalents.

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