Cancer Genetics (CGI), an oncology precision medicine firm, today reported its third-quarter results for 2017. According to the company, total revenues were $8.0 million—up 19% over Q3 2016 revenues of $6.8 million—with $4.2 million from biopharma services (up 10% since the same period last year), $2.9 million from clinical services (up 7%), and $1.0 million from discovery services (up 280%).
“We are pleased to have delivered a record quarter of revenue along with a significant bottom-line improvement, and are committed to achieving profitability in the near-term,” said Panna Sharma, president and CEO of CGI.
According to the report, the company’s gross profit margin increased to 42.9%, up from 34.2% in Q3 2016. And its operating loss improved 21% from the same quarter last year (from $4.0 million to $3.2 million). A large part of CGI’s success comes from its 191 current biopharma projects (an increase from 111 in the same period last year). The company also obtained $8.2 million in new biotech/pharma contract bookings—an increase of 134% from the same period last year ($3.5 million).
Sharma continued: “Our 134% increase in contracted revenue is illustrative of the high value the biopharma industry puts on the expertise that CGI brings to drug development, as well as the strategic focus of the company to be the premier partner for drug discovery and development in oncology. We are extremely proud to be actively working with nine of the top ten biopharma companies, which is a testament to our unique business model and capabilities.”
Sharma also credited CGI’s acquisition of vivoPharm this past August (for $12 million in cash and shares) for the company’s continued success. “The integration of the vivoPharm acquisition is on-track and will deliver a full quarter of results and additional revenue in the fourth quarter of 2017. This acquisition is another milestone in the execution of our strategy to develop the Company into the bench-to-bedside leader in personalized oncology.”