On Friday, Cancer Genetics Inc (NASDAQ: CGIX) started its trading session with the price $3.1 and closed at price of $3.06 by scoring -1.61%. Day range of the stock was $3 – $3.21. CGIX stock traded with total volume of 23,323 shares while the average trading capacity remained 66.30K shares.
Cancer Genetics, Inc (CGIX) recently reported financial and operating results for the quarter ended March 31, 2020.
John A. Roberts, Chief Executive Officer of Cancer Genetics stated, “In Q1 2020, our Discovery Services business unit remained stable, and believe it will continue to experience year-over-year revenue growth in 2020, consistent with previous years. Our operating costs associated with the disposition of certain business assets in 2019 and the related financial statement audit for 2019 were greater than predictable in Q1 2020. While we anticipate that certain expenses related to these events will continue in Q2 2020, given the one-time occurrence of these transactions, we expect operating costs to be importantly reduced in the second half of 2020.”
FIRST QUARTER 2020 FINANCIAL RESULTS
The Company stated total revenue from continuing operations of $1.4M for the first quarter of 2020 contrast to revenue of $1.8M in the first quarter of 2019 (which included $0.3M from an IP license arrangement unrelated to the Discovery Services business unit), a decrease of about $0.4M or 21.7%.
Gross profit reduced to $0.6M or 42.9% in the first quarter of 2020, contrast to $0.8M or 45.0% in the first quarter of 2019. While the overall gross margin reduced by 2.1 percentage points primarily as a result of the high margin revenue recorded from the IP license transaction, the Discovery Services business unit gross margin increased from $0.5M or 34.2% in the first quarter of 2019 to $0.6M or 42.9% in the first quarter of 2020 principally Because of a reduction in outsourcing costs offset by a slight seasonal effect on revenue. The remaining costs are relatively consistent in the comparable periods for the Discovery Services business unit.
Total operating expenses for the first quarter of 2020 were about $1.9M, a decrease of 4.7% contrast to $2.0M during the first quarter of 2019. The decrease in total operating expenses was partially Because of reduced corporate costs, partially offset by higher sales and marketing spend in the Discovery Services business unit contrast to the first quarter of 2019.
Net loss from continuing operations was $1.2M or $0.56 per share for the first quarter of 2020, contrast to a net loss of $1.7M or $1.06 per share for the first quarter of 2019.
Cash and cash equivalents totaled about $3.9M as of March 31, 2020, including restricted cash.
CGIX’s shares are at -4.42% for the quarter and driving a -31.94 % return over the course of the past year. The average volatility for the week at 7.20% and for month was at 7.15%. There are 2.11M shares outstanding and 7.00M shares are floated in market.
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