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Response Genetics Inc (RGDXQ) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 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 Second Quarter 2014 Financial Results

 

---ResponseDX® Revenue sets record for quarterly DX sales as testing volume again increases over prior quarter ---

 

LOS ANGELES, August 14, 2014

— 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 second quarter ended June 30, 2014.

 

Second Quarter 2014 Highlights:

 

·Record ResponseDX® revenues increase 18% over Q2 2013 and 11% over Q1 2014

 

·Volume increases 16% over Q1 2014

 

·Gross margins increase to 40%

 

·Operating loss decreases 11% from Q1 2014

 

 

Total revenue for the second quarter ended June 30, 2014 was $4.3 million compared to $3.9 million for the quarter ended March 31, 2014 and $5.3 million for the quarter ended June 30, 2013. Relative to the first quarter of 2014, total revenue increased 10%. The decrease in total revenue from the quarter ended June 30, 2013 came solely from pharmaceutical client revenue, which can vary significantly on a quarterly basis by its very nature and concentration. Additionally, second quarter 2013 pharma revenue included a $500,000 GSK milestone payment.

 

The Company’s ResponseDX® revenue of $3.7 million increased 18% over the quarter ended June 30, 2013 and 11% over the quarter ended March 31, 2014. ResponseDX® volume, or samples processed, also increased 16% over the quarter ended March 31, 2014. Total pharma revenue increased over the prior quarter as well, posting a 4% gain over the quarter ended March 31, 2014.

 

The Company believes its ResponseDX® revenue increased as a result of its focused commercialization plans resulting in increased volume related to TC/PC testing services as well as the introduction of the company’s new ResponseDX: Tissue of OriginTM test in February 2014. The Company expects further increases in revenue and volume resulting from its growing TC/PC testing service, the expansion of the Company’s testing menu, the focus on its new ResponseDX: Tissue of OriginTM test as well as other initiatives in process.

 

The Company's gross margins were 40% for the quarter ending June 30, 2014 compared to 37% for the first quarter of 2014 and 49% for the second quarter of 2013. The increase in gross margin from the first quarter of 2014 is largely the result of the increase in ResponseDX® revenue. The decrease in gross margin from the second quarter of 2013 can be directly attributed to the decrease in pharmaceutical revenue which varies significantly on a quarterly basis and the one time pharma milestone payment received in the second quarter of last year.


The following information was filed by Response Genetics Inc (RGDXQ) on Thursday, August 14, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases) (details)
Commitments And Contingencies (tables)
Income Taxes
License And Collaborative Agreements
License And Collaborative Agreements (details)
Loss Per Share
Loss Per Share (computation For Basic And Diluted Loss Per Share) (details)
Loss Per Share (details)
Loss Per Share (tables)
Organization, Operations And Basis Of Accounting
Organization, Operations And Basis Of Accounting (details)
Property And Equipment And Intangible Assets
Property And Equipment And Intangible Assets (details)
Property And Equipment And Intangible Assets (schedule Of Capital Leased Assets) (details)
Property And Equipment And Intangible Assets (schedule Of Future Minimum Lease Payments Under Capital Leases) (details)
Property And Equipment And Intangible Assets (schedule Of Property And Equipment And Intangible Assets) (details)
Property And Equipment And Intangible Assets (tables)
Sale Of Common Stock
Sale Of Common Stock (details)
Sale Of Common Stock (schedule Of Common Stock Classified Outside Of Stockholders' Equity) (details)
Sale Of Common Stock (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock Options, Restricted Stock And Warrants
Stock Options, Restricted Stock And Warrants (details)
Stock Options, Restricted Stock And Warrants (schedule Of Assumptions Used To Estimate Share-based Compensation Expense Using Black-scholes Model) (details)
Stock Options, Restricted Stock And Warrants (schedule Of Awards To Mr. Bologna) (details)
Stock Options, Restricted Stock And Warrants (schedule Of Options Outstanding) (details)
Stock Options, Restricted Stock And Warrants (schedule Of Stock-based Compensation Included In Results Of Operations) (details)
Stock Options, Restricted Stock And Warrants (summary Of Stock Option Activity) (details)
Stock Options, Restricted Stock And Warrants (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Customers That Account For Greater Than 10 Percent Of Accounts Receivable) (details)
Summary Of Significant Accounting Policies (schedule Of Estimated Useful Lives) (details)
Summary Of Significant Accounting Policies (schedule Of Responsedx Accounts Receivable) (details)
Summary Of Significant Accounting Policies (schedule Of Responsedx Revenue) (details)
Summary Of Significant Accounting Policies (schedule Of Revenue Sources That Account For Greater Than 10 Percent Of Total Revenue) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: RGDXQ
CIK: 1124608
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-14-050100
Submitted to the SEC: Thu Aug 14 2014 3:47:01 PM EST
Accepted by the SEC: Thu Aug 14 2014
Period: Monday, June 30, 2014
Industry: In Vitro And In Vivo Diagnostic Substances

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