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Response Genetics, Inc. Announces Third Quarter 2013 Financial Results

Stocks in this article: RGDX

LOS ANGELES, Nov. 7, 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 third quarter ended September 30, 2013.

Total revenue for the third quarter ended September 30, 2013 was $4.1 million compared to $5.4 million for the quarter ended September 30, 2012. The Company's pharmaceutical client revenue, which is characteristically inconsistent, decreased by 35% and the Company's ResponseDX® revenue decreased 16% relative to the quarter ended September 30, 2012. The Company's pharmaceutical client revenue decreased 30% and the Company's ResponseDX® revenue decreased 18% from the second quarter of 2013.  These decreases in pharmaceutical client revenue were primarily related to one-time $0.5 million milestone payments received in both the second quarter of 2013 and in the quarter ended September 30, 2012. The Company believes its ResponseDX® revenue decreases were primarily a result of the accelerated refocusing of its sales efforts on larger new potential accounts. To this end, the Company also focused on the planned introduction of its state-of-the-art TC/PC testing service where the Company performs the technical component (TC) and the pathologist performs the professional component (PC) of the testing process. Prior to having this service, the Company believes it was difficult to focus its efforts on larger potential accounts. The addition of its TC/PC testing service, the expansion of the Company's testing menu and other initiatives in process, are expected to add significant volume and stability to the sales base which historically was comprised of primarily small accounts. 

As a result of these decreased revenues, the Company's gross margin decreased to 33% for the quarter ending September 30, 2013 compared to 49% for both the third quarter of 2012 and the second quarter of 2013. Gross margin for the nine months ended September 30, 2013 increased to 47% compared to 40% for the nine months ended September 30, 2012.

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