Cancer Genetics (CGIX) Tops Q4 EPS by 7c, Revenue Beats

Cancer Genetics (NASDAQ: CGIX) reported Q4 EPS of ($0.15), $0.07 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $7.2 million versus the consensus estimate of $7.1 million.

FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR INCLUDE:

• Full-year 2016 revenue of $27 million, a 50% increase over 2015, with $15.3 million from Biopharma services, $10.7 from Clinical services and $1.1 million from Discovery services
• Fourth quarter 2016 revenue of $7.2 million, a 32% increase over the same period of 2015, with $4 million from Biopharma services, $3 million from Clinical services and $0.3 million from Discovery services
• Full year 2016 gross profit margins of 37%, an increase from 22% during 2015
• Fourth quarter 2016 gross profit margins of 41%, an increase from 13% during the same period of 2015 driven by successful integration of the Response acquisition and greater operating efficiencies across all US sites
• Operating expenses during the fourth quarter of 2016 improved to $6.5 million from $7.9 million during the fourth quarter of 2015
• Net loss improved to $2.8 million during the fourth quarter, or a diluted EPS of ($0.15), as compared to a net loss of $5.7 million during the fourth quarter of 2015, or a diluted EPS of ($0.48)
• Cash and cash equivalents at December 31, 2016 were $9.5 million as compared to $19.5 million at December 31, 2015
• Today the company also announced the completion of a $12 million debt financing
• The company also raised an additional $1 million in non-dilutive capital through the New Jersey Technology Business Tax Certificate Program in February of 2017

For earnings history and earnings-related data on Cancer Genetics (CGIX) click here.

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