- Second Quarter Revenues up 177 Percent Year-over-Year; Six-Months Ended June 30, 2015 Revenues up 191 Percent Year-over-Year
- Recent Award of Largest Clinical Trial in Company’s History Further Validation of CGI’s Bench to Bedside Strategy
- Secured strategic alliance with ICON plc, a global CRO for the biopharma community
- Announced that it has entered into an agreement to acquire assets and operations of Response Genetics, Inc. (OTCQB:RGDX)
RUTHERFORD, N.J., Aug. 11, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX), an emerging leader in DNA-based cancer diagnostics, announced financial and operating results for the second quarter ended June 30, 2015.
The company will host a conference call on August 11, 2015 at 8:30am ET, dial-in information is found below.
“As our second quarter numbers demonstrate, CGI’s business continues to build significant momentum,” said Panna Sharma, CEO & President of Cancer Genetics, Inc. “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.”
FINANCIAL HIGHLIGHTS:
- Second quarter 2015 revenues were $4.2 million, up 177% from $1.5 million in the second quarter of 2014
- Biopharma Services revenue was $2.7 million, up 554% from $0.4 million in the second quarter of 2014
- Clinical Services revenue was $1.3 million, up 13% from $1.1 million in the second quarter of 2014
- Revenues for the six-months ended June 30, 2015 were $8.6 million, up 191% from $2.9 million during the six-months ended June 30, 2014
- For the six-months ended June 30, 2015, Biopharma Services revenue was $6.0 million, up 567% from $0.9 million in the second quarter of 2014
- The increase in Biopharma services revenue included a $1.9 million increase in the Company’s Select One business and $3.2 million from the acquisition of Gentris
- Gross profit margins improved to 26.0% or $1.1 million, in the second quarter of 2015 and improved to 27.1%, or $2.3 million, an improvement from 5.1%, or $0.1 million in the six months ended June 30, 2015
- Total cash & equivalents at June 30, 2015 was $23.7 million
“Our market penetration and revenue trajectory, which are driven by both strong organic growth and meaningful contributions from our recent acquisitions, continue to expand significantly. This continued growth is achieved all while we remain focused on further advancing our already unrivaled portfolio of genomic capabilities in oncology,” continued Sharma.
During the second quarter, the company reached major milestones, both in the United States and abroad. Key partnerships were established to grow global capabilities, acquisitions added revenue and expanded services to new geographic regions, and new business has seen some of the most significant gains in company history.
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