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Response Genetics, Inc. Announces Second Quarter 2013 Financial Results

Stocks in this article: RGDX

LOS ANGELES, Aug. 8, 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 second quarter ended June 30, 2013.

Total revenue for the second quarter ended June 30, 2013 was $5.3 million compared to $3.8 million for the quarter ended June 30, 2012. The Company's pharmaceutical client revenue increased by 121% and the Company's ResponseDX® revenue increased 10% relative to the quarter ended June 30, 2012. The Company's pharmaceutical client revenue, which is characteristically inconsistent, decreased 10% from the first quarter of 2013. This decrease was primarily related to a timing delay on one large pharma project which subsequently restarted late in the second quarter. The Company's ResponseDX® revenues were relatively consistent with the prior quarter.

The Company also increased its gross margin to 49% for the quarter ending June 30, 2013 compared to 37% for the second quarter of 2012. Gross margin decreased by 6% relative to the quarter ended March 31, 2013 which was primarily related to the pharma project delay discussed above. Gross margin is calculated as gross profit as a percentage of net revenue.

Excluding cost of revenue, total operating expenses for the second quarter were $3.9 million, compared to $4.1 million for the same period last year and were relatively consistent with the quarter ended March 31, 2013.

Cash and cash equivalents at June 30, 2013, were $5.9 million, compared to $9.0 million at December 31, 2012.    

"We believe our financials speak for themselves. Our pharma segment continued to be strong and our Dx revenues continued to grow year-over-year while we concurrently increased our gross margin from 37% just a year ago to over 49% for the quarter," said Thomas Bologna, the Company's Chairman & Chief Executive Officer.

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