NEW YORK (GenomeWeb News) – Response Genetics reported after the close of the market on Thursday that its first-quarter revenues fell 21 percent and its net loss nearly doubled as it ramped up sales of its ResponseDX genetic test panels.
The Los Angeles-based firm brought in revenues of $1.5 million for the three-month period ended March 31, compared with revenues of $1.9 million for the first quarter of 2008. The firm said that the decrease was "primarily due to a delay in the receipt of clinical samples from one of our major pharmaceutical clients, which the company anticipates receiving in 2009 through 2010."
Response Genetics also said that the decline was partially offset by revenue of around $263,000 from sales of its ResponseDX: Lung and ResponseDX: Colon pharmacogenomic tests.
The firm posted a net loss of $3.3 million, or $.30 per share, up from a Q1 2008 net loss of $1.7 million, or $.17 per share.
Its R&D expenses edged up to $603,385 from $574,420 year over year, and its SG&A spending climbed to $2.5 million from $1.7 million.
Response Genetics finished the quarter with $10.2 million in cash and cash equivalents.