Cancer Genetics, Inc (CGIX) saw its loss narrow to $2.78 million, or $0.15 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.71 million, or $0.48 a share. Revenue during the quarter surged 31.84 percent to $7.23 million from $5.48 million in the previous year period. Gross margin for the quarter expanded 2764 basis points over the previous year period to 40.91 percent.
Operating loss for the quarter was $3.50 million, compared with an operating loss of $7.18 million in the previous year period.
“During 2016 we grew our topline revenue over 50%, reduced our operating expenses significantly, and continued to launch innovative new tests and capabilities that are industry leading. Our business continues to scale, and shows tremendous demand going into 2017,” said Panna Sharma, Chief executive officer and President of Cancer Genetics, Inc. “CGI is now working with 9 of the top 10 pharma and biotech companies and has made significant gains in our clinical market share due to our expansion into solid tumors, hereditary cancers and immuno-oncology.”
Working capital drops significantly
Cancer Genetics, Inc has witnessed a decline in the working capital over the last year. It stood at $12.38 million as at Dec. 31, 2016, down 32.48 percent or $5.95 million from $18.33 million on Dec. 31, 2015. Current ratio was at 2.12 as on Dec. 31, 2016, down from 2.86 on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
