RedChip Research Alert: RedChip Issues Research Update on Cancer Genetics
CGIX Price Target: $14.00
Strong 3Q15 revenue growth of 24% YoY. 3Q15 revenue grew 24% YoY to $4.0 million. This growth was driven primarily by increases in biopharma services revenue, which grew 35% YoY to $2.6 million. Looking forward, we anticipate biopharma services revenue to continue to show significant growth. The Company’s future biopharma services contracts are currently valued at over $34 million, and many of these trials are in larger phase 2 and phase 3 clinical trials. These trials should provide larger and more stable quarter to quarter revenue. Additionally, the acquisition of Response Genetics will allow CGIX to provide testing for the majority of major solid tumor cancers. There is significant potential in this area, particularly in lung and colorectal cancers. We also expect the ICON partnership to generate further business, and the potential exists for CGIX to earn high seven figure or eight figure clinical trial contracts through this partnership.
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