Cancer Genetics (CGIX) saw its loss widen to $9.58 million, or $0.51 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.25 million, or $0.39 a share.
Revenue during the quarter grew 14.80 percent to $6.97 million from $6.07 million in the previous year period. Gross margin for the quarter expanded 719 basis points over the previous year period to 39.58 percent. Operating margin for the quarter stood at negative 40.21 percent as compared to a negative 85.42 percent for the previous year period.
Operating loss for the quarter was $2.80 million, compared with an operating loss of $5.18 million in the previous year period.
"We are continuing to scale our revenue while making significant operational improvements as we execute on our vision to become the preeminent oncology diagnostics partner for biopharma companies, cancer centers and clinicians," said Panna Sharma, chief executive officer and president of Cancer Genetics, Inc. "We are growing market share in an industry undergoing a major transformation in its approach to oncology therapeutics development, clinical trials and patient monitoring. As the industry embraces precision medicine and individualized testing to drive higher standards of patient treatment and disease management, CGI is emerging as the diagnostic and testing partner of choice for biopharma companies, cancer centers and clinicians. Our team is actively working with 9 of the top 10 and 16 of the top 20 biopharma companies where we are providing critical molecular information and testing to help with clinical trials and in many cases developing innovative new tests and technologies to help improve patient diagnosis and monitoring."
Working capital increases
Cancer Genetics has recorded an increase in the working capital over the last year. It stood at $15.60 million as at Mar. 31, 2017, up 18.15 percent or $2.40 million from $13.20 million on Mar. 31, 2016. Current ratio was at 2.78 as on Mar. 31, 2017, up from 2.28 on Mar. 31, 2016.
Days sales outstanding went up to 125 days for the quarter compared with 113 days for the same period last year.
Debt comes down
Cancer Genetics has recorded a decline in total debt over the last one year. It stood at $5.62 million as on Mar. 31, 2017, down 11.24 percent or $0.71 million from $6.34 million on Mar. 31, 2016. Total debt was 12.97 percent of total assets as on Mar. 31, 2017, compared with 14.41 percent on Mar. 31, 2016. Debt to equity ratio was at 0.27 as on Mar. 31, 2017, up from 0.22 as on Mar. 31, 2016.
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