NEW YORK (GenomeWeb) – Cancer Genetics (CGI) reported on Thursday that its third quarter revenues grew 19 percent year over year as the company narrowed its net loss.
For the three months ended Sept. 30, the Rutherford, NJ-based molecular diagnostics firm had revenues of $8.0 million compared to $6.8 million in the year-ago period. Analysts, on average, had expected revenues of $7.9 million.
CGI’s biopharma services revenue grew 10 percent year-over-year to $4.2 million, while its clinical services revenue increased 7 percent to $2.9 million. The company also reported $1.0 million in discovery services in the quarter. Third-quarter test count increased 11 percent year-over-year to 13,726, bringing total year-to-date test count to 40,451. Total clinical services test volumes increased to 7,373 from 7,334 tests in Q3 2016.
The company booked $8.2 million in new contracts from biotech and pharma customers, compared to $3.5 million in the year-ago period, an increase of 134 percent.
This record contracted revenue is “illustrative of the high value the biopharma industry puts on the expertise that CGI brings to drug development, as well as the strategic focus of the company to be the premier partner for drug discovery and development in oncology,” CGI President and