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Cancer Genetics, Inc. Announces Strong Fourth Quarter and Full-Year 2015 Results and Provides 2016 Business Update
Cancer Genetics, Inc.
18 minutes ago
GlobeNewswire
•Full-Year 2015 revenues up 77% year-over-year to $18 Million
•Fourth Quarter revenues up 36% year-over-year to $5.5 Million
•Closed 2015 with strong cash balance of $19.5 Million
•Conference call begins at 5:00 p.m. Eastern time today
RUTHERFORD, N.J., March 10, 2016 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (CGIX), an emerging leader in enabling precision medicine for oncology diagnostics, announced financial and operating results for the fourth quarter and full-year-ended December 31, 2015 and provided an update on the business progress for 2016.
“Our business continues to scale as we integrate the acquisition of Response Genetics, focus on expanding our biopharma partnerships, and enhance our capabilities to provide both comprehensive immuno-oncology and genomic testing for oncology,” said Panna Sharma, CEO & President of Cancer Genetics, Inc. “In addition, CGI’s presence is growing both clinically and among biopharma companies - our teams are currently working with 8 of the top 10 pharma companies, and we have agreements with 24 payers, managed care providers, and insurance companies that cover nearly 180 million lives.”
Highlights for the quarter and year included:
•Fourth quarter revenues were $5.5 million, up 36% from $4.0 million in the fourth quarter of 2014, with $3.0 million from BioPharma Services, $2.4 million from Clinical Services, and $0.2 million from Discovery Services
•Full-Year revenue for 2015 was $18.0 million, up 77% from $10.2 million for the 12-months ended December 31, 2014 •BioPharma Services revenue, was $11.6 million, an increase of 106% from $5.6 million over 2014
•Clinical Services revenue was $5.7 million compared to $4.4 million during 2014
•Discovery Services generated $0.8 million in revenue
•Gross profit margins improved to 22%, or $3.9 million, as compared to 17%, or $1.7 million, in the 12-months ended December 31, 2014
•Cash & cash equivalents at December 31, 2015, were $19.5 million, as compared to $25.6 million at December 31, 2014
“As we look ahead in 2016, we see multiple growth drivers impacting our business. The increasing number of oncology clinical trials utilizing both genomic and immune-based markers is expected to continue to drive strong demand for our products and services. In addition, our ability to offer a comprehensive oncology-focused menu of tests, positions us as an ideal partner for healthcare systems,” continued Mr. Sharma. “We will also be launching a number of innovative tests in 2016, including a multiple myeloma panel with the Mayo Clinic, a NGS-based lung cancer panel and a NGS-based panel for hereditary cancers. We have established a global infrastructure, collaborative relationships with academic and research centers, and a strong portfolio of proprietary genomic tests and capabilities.”
KEY 2015 ACHIEVEMENTS & RECENT CORPORATE HIGHLIGHTS
•Awarded largest clinical trial in company history to provide comprehensive testing for global, multi-year Chronic Lymphocytic Leukemia trial
•Closed $12 million public offering to strengthen balance sheet
•Acquisition of the operations & assets of Response Genetics, Inc. (RGI) included the FDA-cleared Tissue-Of-Origin test. The RGI acquisition is expected to add $10 million in annual revenue during 2016
•Launched a Next-Generation Sequencing (NGS)-based panel targeting the five most common solid tumors for the East Indian and Asian markets
•Launched Focus::Myeloid™, a comprehensive NGS-based genomic panel for the improved diagnosis, prognosis, and clinical management of myeloid cancer patients
•Entered into a strategic alliance with the Laboratory Services group of ICON plc, the global CRO, further expanding CGI’s global reach
•Launched comprehensive immuno-oncology testing portfolio for both solid tumors and blood based cancers
•Received $1.2 million in non-dilutive funding through the New Jersey Technology Business Tax Certificate Transfer (NOL) Program
•Presented results from collaborative studies with partners including CGI’s joint venture with Mayo Clinic, Oncospire Genomics, in addition to Memorial Sloane Kettering, Beth Israel Deaconess, Keck School of Medicine at USC, and Weill Cornell Medical College