NEW YORK (GenomeWeb News) – Response Genetics today reported that its second-quarter revenues nearly tripled, due to sales of the firm's ResponseDx genetic tests.
The Los Angeles-based firm reported total revenues of $5.6 million for the three-month period ended June 30, compared to $1.9 million for the second quarter of 2009. It said that sales of its ResponseDx tests increased 687 percent to $3.5 million for the quarter from $446,000 for Q2 2009.
Response Genetics also trimmed its net loss to $425,038, or $.02 per share, from $2.4 million, or $.19 per share.
Its R&D spending declined to $388,046 from $433,107, while its SG&A spending increased sharply to 43.2 million from $2.2 million. The increase in SG&A was due to an expansion of the firm's sales force, legal expenses associated with ongoing proxy activities, and personnel recruiting costs.
Response Genetics finished the quarter with $6.6 million in cash and cash equivalents.