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Response Genetics Inc (RGDXQ) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Response Genetics Inc

CIK: 1124608 Ticker: RGDXQ

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Investor Relations Contact: Company Contact:
Peter Rahmer Thomas A. Bologna
Trout Group Chairman & Chief Executive Officer
646-378-2973 323-224-3900

 

Response Genetics, Inc. Announces Fourth Quarter and Year-End 2014 Financial Results

 

Response DX Revenue increased 16% and 22% over Fourth Quarter and Full Year 2013 Respectively

 

LOS ANGELES, March 31, 2015

— Response Genetics, Inc. (Nasdaq: RGDX), a company focused on the development and sale of molecular diagnostic tests that help determine a patient’s response to cancer therapy, today announced its consolidated financial results and business progress for the fourth quarter and full year ended December 31, 2014.

 

Total revenue for the fourth quarter ended December 31, 2014 was $4.1 million compared to $4.8 million for the quarter ended December 31, 2013. The Company’s ResponseDX® revenue was $3.7 million compared to $3.2 million for the quarter ended December 31, 2013, an increase of 15.6%. The Company’s pharmaceutical client revenue, which varies significantly on a quarterly basis by its nature and concentration, was $0.4 million for the quarter ended December 31, 2014 versus $1.6 million for the fourth quarter of 2013.

 

The Company believes its ResponseDX® revenues are increasing as a result of the Company’s planned and implemented service offerings and accelerated focus and sales emphasis on larger accounts. To this end, the Company began seeing results in 2014 of what it believes is the best-in-class TC/PC testing service. With this service, the Company provides the technical component (TC), or the processing of patient samples, for interpretation by the sending pathologists, the professional component (PC). In addition to its TC/PC testing service, the expansion of the Company’s testing menu and the introduction of the ResponseDX: Tissue of Origin® test, as well as other initiatives in process, the Company expects to add further volume to its sales base. The decrease in pharmaceutical client revenue relative to the quarter ended December 31, 2013 primarily relates to the timing of services performed for the Company’s largest pharmaceutical client.

 

As a result of the decreased pharmaceutical revenues in the fourth quarter of 2014, the Company’s gross margin decreased to 40% for the quarter ending December 31, 2014 compared to 48% for the fourth quarter of 2013.

 

Excluding cost of revenue, total operating expenses for the fourth quarter 2014 were $4.7 million, compared to $5.4 million, for the same period last year, a decrease of 13%, primarily as a result of cost containment policies implemented by the Company throughout the organization.

 

The Company’s net loss for the quarter ended December 31, 2014 was $3.4 million, or $(0.09) per share, compared to a net loss of $3.2 million, or $(0.09) per share, for the quarter ended December 31, 2013.

 

Total revenue for the year ended December 31, 2014 was $16.7 million compared to $19.8 million for the year ended December 31, 2013. 2014 ResponseDX® revenues increased $2.6 million or 22% over 2013, offset by a $5.7 million decrease in pharmaceutical client revenue.

 


The following information was filed by Response Genetics Inc (RGDXQ) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Consolidated Balance Sheets
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Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Operations And Comprehensive Loss
Commitments And Contingencies
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Commitments And Contingencies (schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases) (details)
Commitments And Contingencies (tables)
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Income Taxes
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Income Taxes (reconciliation Of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate) (details)
Income Taxes (schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (details)
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Schedule Ii - Valuation And Qualifying Accounts (details)
Schedule Ii Valuation And Qualifying Accounts
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Stock Option Plans (schedule Of Assumptions Used To Estimate Share-based Compensation Expense Using Black-scholes Model) (details)
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Response Genetics Inc provided additional information to their SEC Filing as exhibits

Ticker: RGDXQ
CIK: 1124608
Form Type: 10-K Annual Report
Accession Number: 0001144204-15-020185
Submitted to the SEC: Tue Mar 31 2015 4:32:12 PM EST
Accepted by the SEC: Tue Mar 31 2015
Period: Wednesday, December 31, 2014
Industry: In Vitro And In Vivo Diagnostic Substances

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