Cancer Genetics Reports Third Quarter 2019 Financial Results and Provides Strategic Business Update
CANCER GENETICS (CGIX)
Last cancer genetics earnings: 11/19 04:16 pm
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US:NASDAQ Investor Relations:
ir.cancergenetics.com
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Source: GlobeNewswire
RUTHERFORD, N.J., Nov. 20, 2019 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq: CGIX), a leader in drug discovery and preclinical oncology and immuno-oncology services, today announced strategic, financial and operating results for the third quarter ended September 30, 2019. RECENT STRATEGIC AND OPERATIONAL HIGHLIGHTS Delivered on cost reduction initiatives and consolidated operational focus on drug discovery and preclinical servicesIncreased Discovery Services revenue in Q3 2019 to $2.1 million, an increase of $0.5 million, or 35% growth in Q3 2019 sequentially over Q2 2019Gross margin on Discovery Services was 53.2%, consistent with Q2 2019 resultsCompleted divestiture of two operating units for cash, notes and future payment streams; received a combined approximately $9.1 million in cash from such transactions in Q3 and October 2019Retained HC Wainwright & Co. to explore strategic alternatives for future merger, sale of other assets, or other strategic transactions W
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