Cancer Genetics Reports Q2 Financial Results

Cancer Genetics (NASDAQ:CGIX) has released its second quarter results for the quarter ended June 30, 2019.

As quoted in the press release:

RECENT STRATEGIC AND OPERATIONAL HIGHLIGHTS

• Completed divestiture of two operating units for cash, notes and future payment streams
• Consolidated operational focus on drug discovery and preclinical service business of vivoPharm
• Increased Discovery Services revenue in Q2 2019 by 19.1%, compared to same period of 2018
• Continuing to explore strategic alternatives for future sale of other assets, merger, reverse merger or other strategic transactions

“We are very pleased with the progress we have made in improving the Company’s financial condition through the divestiture of certain corporate assets, giving the Company time to explore a variety of new strategic alternatives,” said John A. Roberts, Chief Executive Officer of Cancer Genetics. “Also, during the second quarter, we delivered an increase in revenue growth of 19.1% from our remaining Discovery Services business unit, while reducing the combined quarterly cost of revenue from continuing operations by $0.4 million.”

Click here to read the full press release.