NEW YORK (GenomeWeb News) – Response Genetics has reported a 134 percent increase in its fourth-quarter revenues, driven by sales of its ResponseDx line of pharmacogenomic tests.
The Los Angeles-based firm brought in total revenues of $3.4 million for the three-month period ended Dec. 31 compared to $1.4 million for the fourth quarter of 2008. The company cited a ramp up in sales of its ResponseDx tests, with revenues growing 81 percent compared to the third quarter of 2009.
Response Genetics' net loss for the quarter was halved to $1.7 million, or $.11 per share, from $3.4 million, or $.33 per share.
Its R&D spending increased to $559,080 from $433,044 year over year, and its SG&A spending increased to $2.7 million from $2.2 million.
For full-year 2009, Response Genetics' sales rose 28 percent to $9.1 million from $7.1 million.
Its net loss dropped to $9.3 million, or $.70 per share, from $9.5 million, or $.93 per share. The firm's R&D expenses increased to $2.3 million from $2.1 million, while its SG&A spending jumped to $9.7 million from $7.5 million.
Response Genetics finished the year with cash and cash equivalents of $7.1 million.