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Response Genetics' Q2 Revenues Drop 23 Percent as ResponseDX Sales Climb

NEW YORK (GenomeWeb) – Response Genetics today reported that its second quarter revenues declined 23 percent year over year, but were up 10 percent on a sequential basis.

The Los Angeles-based molecular diagnostics firm brought in total revenues of $4.3 million for the three months ended June 30, down from $5.3 million for the second quarter of 2013. The company said that the decline was due to pharmaceutical client revenue, which varies quarter to quarter. In addition, last year's Q2 included a $500,000 milestone payment from GlaxoSmithKline.

The firm said that revenue from its ResponseDX tests were $3.7 million, up 18 percent year over year and 11 percent sequentially.

"Second quarter DX revenue set a record for the company's quarterly DX sales," Response Genetics Chairman and CEO Thomas Bologna said in a statement. "We believe that our record quarterly ResponseDX revenues indicate that the efforts made over the past two years are taking hold. Additionally, we expect our future pharma revenues to begin benefiting from the launch of testing services related to initiatives and activities that we have in place."

Response Genetics posted a net loss of $3.1 million, or $.08 per share, for the quarter, up sharply from a loss of $1.3 million, or $.04 per share, for Q2 2013.

Its R&D expenses climbed to $473,324 from $447,686, while its SG&A spending increased 26 percent to $4.3 million from $3.4 million.

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