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Signal Genetics' Q2 Revenues Slide 43 Percent on Test Order Decline

NEW YORK (GenomeWeb) – Signal Genetics reported on Wednesday a 43 percent drop in its second quarter revenues on a sharp decrease in test orders. 

The Carlsbad, California-based molecular diagnostics firm said that for the three months ended June 30, it recorded $734,000 in revenues, down from $1.3 million in the year-ago quarter. Test orders retreated 24 percent year over year to 770 in Q2 2015, resulting from a decrease in the number of tests billed for research and clinical patients at the University of Arkansas Medical Sciences, Signal's primary customer. 

The firm added that it expects a reduction in research funding to UAMS to continue to have a negative impact on its UAMS-related revenue. Outside of UAMS, however, the number of tests billed to US hospitals in Q2 2015 rose 70 percent year over year to 187, Signal said. 

"It is important to note that our long-term plan has always been to grow the business beyond our ongoing strategic relationship with UAMS," Signal's President and CEO Samuel Riccitelli said in a statement. "These efforts have continued to progress well, with sales to hospitals outside of UAMS reaching record volume during the quarter," and agreements such as a master service agreement that the firm recently reached with an unnamed pharmaceutical firm to use Signal's MyPRS test. 

The microarray-based gene expression profiling assay is used to predict the risk of early relapse in high-risk multiple myeloma patients and to enable physicians to stratify patients and choose the most appropriate treatments. 

Signal's net loss for the recently completed quarter shrank to $2.6 million, or $.33 per share, from a net loss of $3.3 million, or $4.73 per share, in the year-ago quarter. 

Signal, which went public in June 2014, used about 7.8 million shares to calculate its per-share loss in Q2 2015, compared to 695,454 shares in the year-ago quarter. 

Its R&D expenses increased 52 percent year over year to $194,000 from $128,000, while its SG&A costs decreased 20 percent to $2.4 million from $3 million. 

Signal exited the second quarter with $10.4 million in cash. 

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