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Response Genetics, Inc. Announces Fourth Quarter And Year-End 2012 Financial Results

Stocks in this article: RGDX

--- Q4 Revenue Increases 11% to $5.5 Million Relative to Q4 2011 and Gross Margin Increases to 54% ---

--- Fourth Quarter Losses Decrease to $0.5 Million Relative to Q4 2011 Loss of $3.9 Million ---

LOS ANGELES, March 21, 2013 (GLOBE NEWSWIRE) -- Response Genetics, Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests that help determine a patient's response to cancer therapy, today announced its consolidated financial results and business progress for the full year and fourth quarter ended December 31, 2012.

Total revenue for the fourth quarter ended December 31, 2012 was $5.5 million compared to $4.9 million for the quarter ended December 31, 2011 and $5.4 million for the quarter ended September 30, 2012. The Company's pharmaceutical client revenue increased by 36% and the Company's ResponseDX® revenue decreased 1% relative to the quarter ended December 31, 2011 and the Company's pharmaceutical client and ResponseDX® revenues increased 3% and 2%, respectively, relative to the quarter ended September 30, 2012.

The Company's net loss for the fourth quarter ended December 31, 2012 decreased to $0.5 million, or $(0.01) per share, compared to a net loss of $3.9 million, or $(0.20) per share, for the quarter ended December 31, 2011 and a net loss of $1.4 million, or $(0.05) per share, for the quarter ended September 30, 2012. This is the fourth consecutive quarter the Company decreased its net loss.

The Company also increased its gross margin to 54% for the quarter ending December 31, 2012 compared to 25% for the fourth quarter of 2011 and 49% for the quarter ended September 30, 2012. Gross margin is calculated as net revenue less cost of revenue.

Excluding cost of revenue, total operating expenses for the fourth quarter were $3.5 million, compared to $5.2 million for the same period last year and $4.0 million for the quarter ended September 30, 2012.

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