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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 first quarter ended March 31, 2011.
"We continue to manage the business with operational discipline and ended the first quarter seeing a marked increase in traction for our recently implemented pathology initiative,” said Kathleen Danenberg, Response Genetics CEO. “We believe that the pathology initiative, including digital capabilities to integrate pathologists into the ResponseDX™ testing process, increased test offerings to physicians and additional sales representatives will be strong revenue drivers for 2011 as we approach profitability.”
First Quarter 2011 Financial Results
Total revenue increased by 60 percent to $5.9 million for the first quarter ended March 31, 2011, compared to $3.7 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 55 percent to $5.7 million for the quarter ended March 31, 2011, compared to $3.7 million for the same period last year. The increase was primarily due to both an increase in ResponseDX™ revenues of $1.4 million and a $1.4 million increase in pharmaceutical client revenue. Revenue from ResponseDX™ genetic tests increased by 82 percent to $3.1 million for the first quarter, compared to $1.7 million for the same period in 2010. 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 2010. Pharmaceutical client revenue increased 100 percent to $2.8 million, compared to $1.4 million in the first quarter of 2010.