NEW YORK (GenomeWeb) – Cancer Genetics today said that its revenues in the second quarter rose nearly three-fold year over year, paced by a sharp spike in its biopharma services.
The Rutherford, New Jersey-based cancer diagnostics firm reported total revenues of $4.2 million for the three months ended June 30, up from $1.5 million in the year-ago quarter. Its biopharma service business recorded $2.7 million in revenues, up from $400,000 a year ago, while its clinical service revenues rose 18 percent to $1.3 million from $1.1 million.
"We are experiencing some of the strongest growth gains in our company's history as a result of our focused M&A strategy, strong sales efforts, and higher adoption rates for our tests in the marketplace," Cancer Genetics President and CEO Panna Sharma said in a statement.
Highlights in the second quarter included a deal to provide next-generation sequencing services and molecular information to stem cell technology firm ReproCell, and a research collaboration with the Moffitt Cancer Center in Tampa, Florida to investigate genetic variants in patient response to chemotherapy and other cancer treatments.
On Monday, the firm announced a preliminary agreement to buy the assets of Response Genetics for $14 million.
Cancer Genetics said that its loss for the second quarter increased to $5 million, or $.51 per share, from $4.2 million, or $.47 per share, in Q2 2014.
Its R&D costs increased 18 percent year over year to $1.3 million from $1.1 million, and its SG&A costs grew 27 percent to $4.2 million from $3.3 million.
Cancer Genetics exited the second quarter with $23.7 million in cash and cash equivalents.
In afternoon trading on the Nasdaq, Cancer Genetics' shares were up 10 percent at $9.68.