Cancer Genetics (CGIX) Misses Q2 EPS by 1c, Miss on Revenues

Cancer Genetics (NASDAQ: CGIX) reported Q2 EPS of ($0.16), $0.01 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $6.6 million versus the consensus estimate of $7.97 million.

• Second quarter revenue of $6.6 million
• Record biopharma demand in quarter with $7.1 million in new contract bookings for Biopharma Services
• Clinical Services Revenue up 20% over Q2 2016 to $3.0 million
• Second quarter clinical test count up 6% year-over-year to 14,341
• Reduced second quarter loss from operations by 22% compared to Q2 2016, improving pathway to profitability
• Now supporting over 170 clinical trials serving 9 of the top ten biopharma companies in the world
• Net loss of $2.7 million, a decrease of 31% compared to Q2 2016
• Strengthened balance sheet with a USD $16 million equity financing arrangement
• Acquisition of vivoPharm is expected to contribute approximately USD $5 million in annual revenue and is expected to be accretive

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

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