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Response Genetics, Inc. Announces Second Quarter Financial Results
Date:8/14/2012

LOS ANGELES, Aug. 14, 2012 /PRNewswire/ -- Response Genetics, Inc. (Nasdaq: RGDX), a company focused on the development and sale of molecular diagnostic tests for helping determine a patient's response to cancer therapy, today announced its consolidated financial results for the second quarter ended June 30, 2012.

Total revenues for the quarter ended June 30, 2012 were $3.84 million, compared to $3.98 million for the quarter ended March 31, 2012 and $6.70 million for the quarter ended June 30, 2011.  The decrease relative to last year was largely a result of the expected decrease in pharmaceutical client revenue. The Company's ResponseDX® revenue decreased slightly by $151 thousand and the pharmaceutical client revenue decreased by $2.72 million relative to the quarter ended June 30, 2011. 

The Company's net loss for the quarter ended June 30, 2012 was $2.7 million compared to a net loss of $3.1 million for the quarter ended March 31, 2012 and a net loss of $0.1 million for the quarter ended June 30, 2011.  This is the second consecutive quarter the Company decreased its net loss. 

The Company also increased its gross margin in two consecutive quarters from approximately 25% for the fourth quarter of 2011, to approximately 32% for the quarter ended March 31, 2012 to approximately 37% for the quarter ended June 30, 2012.  Gross margin is defined as net revenue less cost of revenue.

Excluding cost of revenue, total operating expenses for the second quarter were $4.1 million, compared to $4.4 million for the quarter ended March 31, 2012 and $4.0 million for the same period last year.

"We have made many changes in the Company since the beginning of the year and we believe we have made great strides, both financially and strategically.  Since the fourth quarter of 2011, gross margins have increased, expenses have b
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SOURCE Response Genetics, Inc.
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