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Response Genetics' Q4, FY 2010 Revenues Rise

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Response Genetics today reported that its fourth-quarter revenues jumped 88 percent as sales for its ResponseDX genetic tests rose sharply year over year.

The Los Angeles-based genetic test maker reported total revenues of $6.4 million for the three-month period ended Dec. 31, compared to $3.4 million for the fourth quarter of 2009. Sales for its ResponseDX genetic tests jumped 82 percent to $3.1 million from $1.7 million.

Response Genetics also trimmed its net loss to $1.1 million, or $.06 per share, from $1.7 million, or $.11 per share, for Q4 2009.

Its R&D spending declined to $332,081 from $579,262, while its SG&A expenses jumped to $4.2 million from $2.7 million.

For full-year 2010, Response Genetics posted revenues of $21.3 million, up 135 percent from $9.1 million for 2009. Sales for its ResponseDX tests rose 242 percent to $11.3 million for the year.

The firm posted a net loss of $4.7 million, or $.26 per share, compared to a net loss of $9.3 million, or $.70 per share, for FY 2009.

Its R&D spending for the year fell to $1.6 million from $2.3 million, while its SG&A spending climbed to $14.1 million from $9.6 million.

Response Genetics finished the year with $4.1 million in cash and cash equivalents.

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