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Q1 Revenue Increases Over 40% to $5.6 Million Relative to Q1 2012 and Gross Margin Increases to 55%
First Quarter Losses decrease to $0.8 million relative to Q1 2012 loss of $3.1 million
LOS ANGELES, May 14, 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 first quarter ended March 31, 2013.
Total revenue for the first quarter ended March 31, 2013 was $5.6 million compared to $4.0 million for the quarter ended March 31, 2012 and $5.5 million for the quarter ended December 31, 2012. The Company's pharmaceutical client revenue increased by 137% and the Company's ResponseDX® revenue increased 8% relative to the quarter ended March 31, 2012. The Company's pharmaceutical client revenue was consistent with that of the fourth quarter of 2012 and the Company's ResponseDX® revenues increased 4% relative to the quarter ended December 31, 2012.
The Company also increased its gross margin to 55% for the quarter ending March 31, 2013 compared to 32% for the first quarter of 2012 and 54% for the quarter ended December 31, 2012. Gross margin is calculated as net revenue less cost of revenue.
Excluding cost of revenue, total operating expenses for the first quarter were $3.9 million, compared to $4.4 million for the same period last year and $3.5 million for the quarter ended December 31, 2012. The sequential increase relates to the Company's planned increasing investment in sales and marketing.
Cash and cash equivalents at March 31, 2013, were $8.0 million, compared to $9.0 million at December 31, 2012.
"We are once again pleased with the financial results for the quarter ended March 31, 2013. Despite the pricing headwinds brought about by Medicare in 2013, we have managed to once again grow our Dx revenues while maintaining strong gross margins," said Thomas Bologna, the Company's Chairman & Chief Executive Officer.