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Response Genetics Inc (RGDXQ) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

Response Genetics Inc

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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 Third Quarter 2014 Financial Results

 

---ResponseDX® quarterly revenues increase 54% over prior year ---

 

LOS ANGELES, November 13, 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 third quarter ended September 30, 2014.

 

Third Quarter 2014 Financial Highlights:

 

·Record ResponseDX® revenues increase 54% over Q3 2013

 

·ResponseDX® volume increases 28% over Q3 2013

 

·Gross margin increases to 43%

 

 

Total revenue for the third quarter ended September 30, 2014 was $4.5 million compared to $4.1 million for the quarter ended September 30, 2013 and $4.3 million for the quarter ended June 30, 2014. Total revenue increased 9% over the third quarter of 2013. Relative to the second quarter of 2014, total revenue increased 4%. The increase in total revenue was from higher ResponseDX® sales offset by lower pharmaceutical client revenue, which can vary significantly on a quarterly basis by its very nature and concentration.

 

The Company’s ResponseDX® revenue of $3.9 million increased 54% over the quarter ended September 30, 2013 and more than 6% over the quarter ended June 30, 2014. ResponseDX® volume, or samples received, processed and billed increased as well, 28% over the quarter ended September 30, 2013 and 10% over the quarter ended June 30, 2014.

 

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

 

The Company's gross margins were 43% for the quarter ending September 30, 2014 compared to 33% for the third quarter of 2013 and 40% for the third quarter ended June 30, 2014. The increase in gross margin from both the third quarter of 2013 and the second quarter of 2014 is largely the result of the increase in ResponseDX® revenue and targeted cost of revenue reductions.

 

The following information was filed by Response Genetics Inc (RGDXQ) on Thursday, November 13, 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)
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: 0001144204-14-068641
Submitted to the SEC: Fri Nov 14 2014 3:12:21 PM EST
Accepted by the SEC: Fri Nov 14 2014
Period: Tuesday, September 30, 2014
Industry: In Vitro And In Vivo Diagnostic Substances

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