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Cancer Genetics Q2 Revenues Rise 67 Percent

NEW YORK (GenomeWeb) – Cancer Genetics reported after the close of the market Tuesday a 67 percent jump in second quarter revenues on strong gains in its biopharma services operations.

For the three-month period ended June 30, CGI's revenues grew to $7 million from $4.2 million in the year-ago quarter. Biopharma services revenues increased 58 percent to $4.2 million, while revenues from clinical services doubled year over year to $2.5 million, reflecting the impact of the company's October acquisition of Response Genetics.

"Our growth and performance during the second quarter was strong and our impact on the oncology community continued to accelerate as a result of our biopharma contracts and our emphasis on providing disease-focused and clinically actionable genomic [and] immune marker data and testing capabilities," CGI President and CEO Panna Sharma said in a statement. "Additionally, our portfolio of unique and disease-targeted next-generation sequencing panels, immune markers, and cell-free DNA capabilities is advancing quickly."

CGI's Q2 net loss dropped to $4 million, or $.28 a share, on 14.5 million shares outstanding from $5 million, or $.51 a share, on 9.7 million shares outstanding in the same period last year.

The firm’s SG&A expenses increased to $5 million from $4.2, while R&D spending rose to $1.7 million from $1.3 million.

At the end of the second quarter, CGI had cash and cash equivalents totaling $10.6 million.