Quarterly Revenue Growth Accelerates to 60% YoYExcluding Grant Revenue, Quarterly Revenue Grew 90% YoYGross Margin Improved to 30% From 5% in the Year Ago PeriodQuarterly Clinical Test Volume Increased 97% YoY

RUTHERFORD, N.J., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (CGIX) ("CGI" or the "Company"), an emerging leader in DNA-based cancer diagnostics, reported financial results for the second quarter ended June 30, 2013.

Second Quarter Financial Highlights:

Revenue for the second quarter of 2013 increased 60% to $1.8 million, compared with $1.1 million in the second quarter of 2012.

Clinical test volume increased 97% to 3,204 tests in the second quarter, compared with 1,623 tests in the second quarter of 2012.

Gross profit increased 792% to $553,000 in the second quarter, from $62,000 for the same period of 2012, while gross margin improved to 30% compared to 5% in the second quarter of 2012 and 12% for the first quarter of 2013.

Operating expenses were unchanged at $2.3 million in the second quarter, compared to the same period of 2012. R&D expense for the second quarter decreased 13% to $456,000, compared to $527,000 in the second quarter of 2012. Sales and marketing expense increased 19% to $447,000 in the second quarter, from $376,000 in the year-ago period.

Loss from operations in the second quarter decreased 22% to $1.7 million, compared to $2.2 million in the same period of 2012.

Adjusted for one-time IPO-related debt conversion costs, net loss for the second quarter was $2.3 million, compared to a net loss of $1.9 million, in the second quarter of 2012. This increase in loss was primarily the result of expense related to a $170,000 decrease in the fair value of derivative warrant liability, as compared with $1.5 million in non-cash income related to an increase in fair value of derivative warrant liability in the second quarter of 2012. Interest expense decreased from $1.1 million in the second quarter of 2012 to $388,000 in the second quarter of 2013. GAAP net loss for the second quarter of 2013 was $9.1 million compared to a loss of $1.9 million for the second quarter of 2012.

Six-Month Financial Highlights:

Link:
Cancer Genetics Announces Second Quarter 2013 Financial Results

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