Q3 Financial Results Announced by Cancer Genetics

Cancer Genetics, Inc. (NASDAQ:CGIX) has announced its third quarter financial results for the period ending on September 30, 2015.
According to the press release:

As we move toward year-end, our business continues to perform well, delivering strong results and creating additional value for the global oncology community,” said Panna Sharma, CEO & President of Cancer Genetics, Inc.  “There is continued high demand for our unique, proprietary portfolio of genomic tests and panels in the marketplace and our focused M&A strategy has delivered three transformative acquisitions over the past two years.

Some highlights include:

• Third quarter 2015 revenues were $4.0 million, up 24% from $3.2 million in the third quarter of 2014.
  • Biopharma Services revenue was $2.6 million, up 35% from $1.9 million in the third quarter of 2014 as new trials launched and existing trials continued to mature into later stages
  • Clinical Services revenue was $1.1 million, down slightly from $1.2 million in the third quarter of 2014, due largely to test volume and reimbursement rates
• Revenues for the nine-months ended September 30, 2015 were $12.6 million, up 104% from $6.2 million during the nine-months ended September 30, 2014.
  • For the nine-months ended September 30, 2015, Biopharma Services revenue was $8.6 million, up 204% from $2.8 million during the nine-months ended September 30, 2014
  • Clinical Services revenue remained steady at $3.3 million for the nine months ended September 30, 2015, while Discovery Services generated $0.7 million in revenues, driven in part by growing demand for NGS services throughout India and Asia

Click here to read the full press release.