Response Genetics Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests for cancer, today announced its consolidated financial results and business progress for the fourth quarter and full year ended December 31, 2010.
“In 2010, we expanded our commercial capabilities at a management and board level to help execute on our strategy to reach new customers, expand market share and increase sales of our ResponseDX™ genetic tests,” said Kathleen Danenberg, Response Genetics CEO. “In 2011, we plan to continue our progress towards a mature, profitable company by leveraging our proprietary technology in both ResponseDX™ testing and the companion diagnostics market.”
Fourth Quarter 2010 Financial Results
Total revenue increased by 88 percent to $6.4 million for the fourth quarter ended December 31, 2010, compared to $3.4 million for the same period last year. Excluding the net revenue impact of $0.2 million (see Reconciling Tables below) resulting from the conversion to the accrual basis of revenue recognition for ResponseDX™ private payors, total revenue increased 82 percent to $6.2 million for the quarter ended December 31, 2010, compared to $3.4 million for the same period last year. The increase was primarily due to both an increase in ResponseDX™ revenues of $1.4 million and $1.6 million increase in pharmaceutical client revenue. Revenue from ResponseDX™ genetic tests increased by 82 percent to $3.1 million for the fourth quarter, compared to $1.7 million for the same period in 2009. Excluding the net revenue impact of $0.2 million resulting from the conversion to the accrual basis of revenue recognition for ResponseDX™ private payors, revenue from ResponseDX™ genetic tests increased by 71 percent to $2.9 million for the quarter, compared to $1.7 million for the same period in 2009. Pharmaceutical client revenue increased 94 percent to $3.3 million, compared to $1.7 million in the fourth quarter of 2009.
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