Cancer Genetics reports Q2 cont. ops. EPS (1c) vs. (3c) last year
Reports Q2 revenue $1.5M vs. $1.3M last year. "We are very pleased with the progress we have made in improving the Company's financial condition through the divestiture of certain corporate assets, giving the Company time to explore a variety of new strategic alternatives," said John A. Roberts, Chief Executive Officer of Cancer Genetics. "Also, during the second quarter, we delivered an increase in revenue growth of 19.1% from our remaining Discovery Services business unit, while reducing the combined quarterly cost of revenue from continuing operations by $0.4 million. Through the completion of the sale of our BioPharma business to Interpace Diagnostics Group under Article 9 of the Uniform Commercial Code we were able to eliminate approximately $9.0 million in senior debt, and with the additional divestiture of our clinical laboratory business to siParadigm, we were able to put an initial $3.0 million of cash on the balance sheet in July 2019 to create a runway to drive potential value for our stakeholders. We are now focused on collecting cash that is due to the Company, substantially reducing our accounts payable with our unsecured creditors, focusing on the operational elements of our Discovery Services business, and continuing to explore strategic options, which could include the sale of other assets, a merger, reverse merger or other strategic transactions. With these asset sales now completed, we believe the Company is in a good position to explore further strategic initiatives as well as to grow the remaining Discovery Services business."