NEW YORK (GenomeWeb) – Vermillion reported after the close of the market on Monday a 47 percent decline in first quarter revenues

For the three months ended March 31, the Austin, Texas-based cancer diagnostics firm said that total revenues fell to $505,000 from $951,000 in the year-ago quarter.

Product revenues were $505,000, down from $635,000 in Q1 2015. As Vermillion noted, product revenue in Q1 2015 included the one-time recognition of $163,000 in deferred product revenue upon the signing of its commercial agreement with Quest Diagnostics in March 2015.

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