Response Genetics Inc. (Nasdaq: RGDX) ("Response Genetics" or the "Company"), 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 third quarter ended September 30, 2011.
“Sales and revenue of our ResponseDX™ genetic tests continue to increase with a record number of tests ordered during this quarter, and with the addition of seven new sales staff is expected to increase further,” said Denise McNairn, Interim CEO of Response Genetics. “In addition, as we expand our testing services globally and refine our internal systems we will continue to bring value to our stockholders and benefits to physicians and their patients.”
Third Quarter 2011 Financial Results
Total revenue decreased by 9 percent to $5.1 million for the third quarter ended September 30, 2011, compared to $5.6 million for the same period last year. The decrease was primarily due to a decrease in pharmaceutical service revenue of $0.8 million, offset by an increase of $0.3 million in ResponseDX™ revenue. Revenue from ResponseDX™ genetic tests increased by 10 percent to $3.3 million for the third quarter, compared to $3.0 million for the same period in 2010. Pharmaceutical client revenue decreased 30.7 percent to $1.8 million, compared to $2.6 million in the third quarter of 2010.Cost of revenue was $2.5 million for the third quarter ended September 30, 2011, compared with $2.7 million for the same period in 2010. Research and development expenses were $0.5 million for the third quarter of 2011, compared with $0.3 million for the same period in 2010. General and administrative expenses were $2.3 million for the third quarter, compared with $2.0 million for the same period in 2010. Selling and marketing expenses were $1.3 million for the third quarter of 2011, compared with $1.6 million for the same period in 2010. Total operating expenses for the third quarter were $6.5 million, compared with $6.6 million for the same period last year. The decrease in total operating expenses was related to a reduction in sales personnel expenses, offset by an increase in business consulting and personnel recruiting expenses. Stock compensation expense was $0.2 million for the third quarter of 2011, compared to $0.3 million for the same period in 2010.
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