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Cancer Genetics Inc.


Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostic testing. The company's proprietary tests target cancers that are difficult to diagnose and predict treatment outcomes that include hematologic, urogenital and HPV-associated cancers. Servicing prestigious medical institutions throughout the world, Cancer Genetics also offers a comprehensive range of non-proprietary, oncology-focused tests and laboratory services that provide critical genomic information to help devise patient management.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

RedChip Companies Inc. (12/16/14) "Between Dec. 8 and 11, Cancer Genetics Inc.'s chairman, John Pappajohn, purchased more than 72K shares of the company. . .over his 40+-year career, he has been involved in more than 100 startup companies and has served as a director of more than 40 public companies, many in the bioscience and health-related industries. His show of continued faith in Cancer Genetics speaks volumes about its potential."

Yi Chen, Aegis Capital (12/5/14) "Cancer Genetics Inc. reported $3.2M in total revenues for Q3/14. . .we believe the company's revenues will continue to grow in the coming quarters. . .Cancer Genetics had approximately $31M in net cash as of Sept. 30, 2014."

Thomas Pfister, RedChip Companies Inc. (11/10/14) "Cancer Genetics Inc.'s total Q3/14 revenue grew to $3.22M, representing year-over-year (YOY) growth of approximately 90%. Biopharma services revenue grew 159% YOY, and clinical services revenue grew 44% YOY."

Ram Selvaraju, Aegis Capital (9/3/14) "Cancer Genetics Inc. reported that its proprietary DNA probe-based test for cervical cancer, FHACT, had received the Conformité Européenne (CE) mark. . .CE marking indicates compliance with European Union product safety legislation and allows FHACT to be sold freely within the European Economic Area. . .in addition to identifying those women most at risk for cervical disease, FHACT can help reduce unnecessary, invasive testing and overtreatment. . .we continue to believe that the firm has sufficient capital on hand to fund operations through to cash-flow breakeven status."

Sung Ji Nam, Cantor Fitzgerald (8/14/14) "We are maintaining our Buy on Cancer Genetics Inc. . .we continue to remain optimistic on the company near to medium term for the following reasons: 1) strengthening of the product portfolio and pipeline. . .2) recent acquisitions including Gentris Corp. (closed on July 16) and BioServe (estimated Q3/14 close). . .and 3) OncoSpire joint venture with the Mayo Clinic."

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Ram Selvaraju, Aegis Capital (8/14/14) "We reiterate our Buy rating on Cancer Genetics Inc. . .the company currently expects these trials to proceed and anticipates revenues from the clinical testing business to return to growth in upcoming quarters. . .we continue to believe that Cancer Genetics has sufficient capital on hand to fund operations through to cash flow break even status."

Jerry Isaacson, LifeSci Advisors (7/1/14) "Cancer Genetics Inc. has agreed to acquire two companies in the last two months that provide substantial opportunities for new revenue and incremental capabilities. . .the diversified revenue stream makes the company less reliant on insurance and Medicare reimbursement and should lead to stable revenue growth going forward."

Sung Ji Nam, Cantor Fitzgerald (6/26/14) "We are maintaining our Buy rating and $18 price target as Cancer Genetics Inc. continues to make progress with new commercial and clinical collaborations, and we think Gentris Corp. is a good strategic fit longer term from a competitive standpoint (increase in scale and more comprehensive oncology testing service offerings for customers)."

Ram Selvaraju, Aegis Capital (6/23/14) "This morning, Cancer Genetics Inc. announced that it has consummated the acquisition of Gentris, a privately held firm founded in 2001 that focuses on providing pharmacogenomics-based analytical services to various firms. . .the acquisition price looks attractive. . .we believe Cancer Genetics could achieve breakeven status in mid-2015. The firm's existing cash balance should, in our view, be sufficient to fund operations through to profitability."

Ram Selvaraju, Aegis Capital (6/9/14) "This morning, Cancer Genetics Inc. announced that it had entered into a partnership with AstraZeneca CAMCAR S.A., a division of the multinational pharmaceutical firm, AstraZeneca. . .under the terms of the agreement, Cancer Genetics is slated to provide complex testing for the diagnosis and prognosis of cancer patients in various Central American and Caribbean territories. We reiterate our Buy rating."

Thomas Pfister, RedChip Companies Inc. (6/4/14) "On June 3, 2014, Cancer Genetics Inc. announced that it entered into a multi-year agreement with PathAdvantage to provide the company's proprietary fluorescent in situ hybridization-based, human papillomavirus-associated cancer test (FHACT) for the detection and management of cervical cancer. . .we believe that this and other similar agreements will drive sales growth in FHACT, and meaningful revenue contributions from FHACT could be seen as early as Q3/14."

Jerry Isaacson, LifeSci Advisors (5/16/14) "Cancer Genetics Inc. announced the acquisition of BioServe India as part of a strategy to expand the reach and potentially lower the production costs of its genomic testing products. . .the acquisition of BioServe will allow Cancer Genetics to expand its reach into the high-growth Indian market, increase its next generation sequencing capabilities and provide a means for lower the costs of test manufacturing and development. . .Cancer Genetics reported that revenue and test volume were up Q1/14 compared to the same period in 2013. Revenue increased by 17% and test volume increased by 45%."

Sung Ji Nam, Cantor Fitzgerald (5/15/14) "We continue to like Cancer Genetics Inc. for its near-term growth potential (SelectOne and FHACT as key drivers) and strengthening product portfolio and pipeline (MatBA-FL and MCL launched recently, next generation sequencing-based kidney and hematological cancer assays targeted for launch this year). Additionally, we think BioServe is a good strategic fit, and it is expected to be almost immediately accretive for Cancer Genetics (we are forecasting ~$1M in revenue contribution this year, assuming Q3/14 transaction close, and ~$5M next year)."

Ram Selvaraju, Aegis Capital (5/15/14) "This morning, Cancer Genetics Inc. announced the acquisition of a privately held Indian next-generation sequencing-focused diagnostics company, which we believe could provide the impetus for future growth in emerging markets. We reiterate our Buy rating."

Jerry Isaacson, LifeSci Advisors (4/14/14) "On April 6, Cancer Genetics Inc. presented data at the 2014 Meeting of the American Association of Cancer Research, highlighting the identification of chromosomal aberrations associated with metastasis in clear cell renal cell carcinoma. . .on April 4, the company announced the launch of a new diagnostic test to detect mutations in the calreticulin gene."

Sung Ji Nam, Cantor Fitzgerald (4/1/14) "We are initiating coverage of Cancer Genetics Inc. with a Buy rating and $21 price target. . .the company's strengths are leveraging clinical development collaborations with leading health care institutions and providing one of the most comprehensive sets of diagnostic services (using both proprietary and nonproprietary tests) targeting cancer types for which Cancer Genetics has strong expertise."

Jerry Isaacson, LifeSci Advisors (4/1/14) "The market opportunity for Cancer Genetics Inc.'s products spans a variety of disease indications and end users. . .the potential for market growth is linked to an ever-expanding focus on personalized medicine in cancer and the need for widespread access to high-value diagnostics. An estimated $6B is spent each year in the U.S. on lab testing for the three core areas of hematology, urogenital cancer and gynecological cancer; the company has several ways to tap this market opportunity."

Ram Selvaraju, Aegis Capital (3/27/14) "We note that Cancer Genetics Inc.'s gross margins continue to improve rapidly, with the average reported over the course of 2013 coming in at 25.5% versus only 8.7% in 2012. In our view, gross margins for the company's base business could easily double over the course of the next 18–24 months; in the wake of the solid financial performance delivered in Q4/13, we reiterate our Buy rating and 12-month price target of $35/share."

The Life Sciences Report Interview with Ben Haynor (3/5/14) "My other top idea for this year is Cancer Genetics, [an] oncology diagnostics company that had just a handful of salespeople one and one-half years ago. Over the past year or so it has gone public, raised a decent war chest of capital and has been able to hire more than a dozen experienced salespeople. Fewer than 1,000 people are selling into the oncology diagnostics space, so the fact that Cancer Genetics was able to get a practiced sales force to take its products to market is a very big deal. It's also something that will bear fruit this year.

The company also continues to roll out new proprietary tests. Last year it launched a few new tests and updated some were on the market already. The company's initial focus is hematological cancers, and it has four different proprietary microarrays that are able to give clinicians not only a diagnosis, but also a prognosis and assistance in treatment decisions. To be able to subtype the disease and determine that the oncologist should use a specific receptor tyrosine kinase inhibitor—or whatever the appropriate drug may be—is a very powerful service. That's particularly true in blood cancers, where you can get a recurring revenue stream because these cancers can mutate quite often; the oncologist might run a Cancer Genetics test to make sure that a treatment decision is correct at any given point in time." More >

Ram Selvaraju, Aegis Capital (2/18/14) "Cancer Genetics Inc. announced that Paul Rothman, currently the dean of the medical faculty at the Johns Hopkins Health System/School of Medicine and COO of Johns Hopkins Medicine, has joined the firm's board of directors. . .Johns Hopkins has historically been ranked as one of the most respected medical institutions in the world and its research in oncology represents the vanguard of modern medicine. In the wake of this prestigious addition to the board, we reiterate our Buy rating."

Chris Bunge, Seeking Alpha (2/11/14) "Given its recent equity offerings, Cancer Genetics Inc. is now in a great position to implement its growth strategy. Management has set reasonable growth targets for the business, which could generate substantial revenue growth over the next several years. . .Cancer Genetics has positioned itself to benefit from the transition of traditional diagnostics to genomic-based testing. . .fiscal 2014 will be a ramp-up year for the company, as its proprietary products begin to gain traction and approach 30% of sales. . .Cancer Genetics' SelectOne partnership continues to be strong, as the company has impressive partnerships with Roche and Gilead."

Ram Selvaraju, Aegis Capital (2/10/14) "Cancer Genetics Inc. announced that it has broadened its partnership with Roche Servicios S.A. to make Cancer Genetics the sole provider of molecular diagnostic cancer testing services for Roche in Central America and the Caribbean. . .this is a significant milestone in Cancer Genetics' development into a leader in the molecular diagnostics sector. . .the company represents a highly differentiated investment opportunity, given its broad pipeline of marketed and development-stage tests, and with its ability to generate high-margin revenue from partnerships with firms seeking to develop theranostic solutions for patients."

Thomas Pfister, RedChip Companies Inc. (12/17/13) "Cancer Genetics Inc. is planning on growing its sales and marketing team to 12–14 people by the end of 2013 and then expanding the team to 30 people by the end of 2014. Due to the acceleration of the company's sales and marketing strategy, we are accelerating our revenue ramp in 2014 and beyond."

The Life Sciences Report Interview with Ram Selvaraju (12/5/13) "We think that Cancer Genetics Inc. is an attractive investment at this juncture primarily because it has a diversified revenue model. It derives revenue from sales to pathologists, hospitals, academic institutions and pharmaceutical companies engaged in using its tests in conjunction with clinical development of investigational drugs. . .the company has a relatively well-publicized relationship with Gilead Sciences Inc. for development of a Gilead drug called idelalisib, which is currently under review at the FDA. If the therapy were to be approved, we believe that for every $100M worth of idelalisib sales, $12–15M worth of diagnostic revenue could directly accrue to Cancer Genetics. And Cancer Genetics has a revenue base projected for the full year 2013 of only about $6–7M. That's a significant potential future value driver for this company.

I would also point out that Foundation Medicine Inc. is a competitor to Cancer Genetics, though it doesn't have the same kind of product and, in fact, only has a single test on the market, whereas Cancer Genetics has five. If we look at the valuation discrepancy between Cancer Genetics, at $131M, and Foundation Medicine, at about $717M, it is very significant.

From our perspective, Cancer Genetics is, on the basis of relative risk-reward, a much more attractive investment opportunity than Foundation Medicine. Cancer Genetics has more tests on the market, a leaner organizational structure, a more diversified revenue base and the potential to generate significant revenue from sales of its test to Gilead, which has a proven, targeted therapeutic agent that could receive approval by the middle of next year." More >

Ben Haynor, Feltl and Company (10/2/13) "We believe Cancer Genetics Inc.'s business model and target markets are among the best in the molecular diagnostics space. The company has an unrivaled position within hematological, urogenital and gynecological cancers in that it has the most advanced microarrays with both CLIA and New York state approvals in chronic lymphocytic leukemia, small lymphocytic lymphoma, diffuse large B-cell and renal cancer. It is the only firm that offers proprietary tests in all four. . .we believe recent developments further validate the company's platform and go-to-market strategy and would expect the newly allowed patent and leukemia and lymphoma paper to resonate with payors."

Ram Selvaraju, Aegis Capital (9/26/13) "We are initiating coverage on Cancer Genetics Inc., an emerging molecular diagnostics company focusing primarily on the development and commercialization of high-content precision diagnostics in the oncology sector, with a Buy rating. . .the company represents a highly differentiated investment opportunity, given its broad pipeline of tests that are both being commercialized and are under development, and with its ability to generate high-margin revenue from partnerships with biopharmaceutical firms that are seeking to develop theranostic solutions for patients."

Ben Haynor, Feltl and Company (5/21/13) "Deep pipeline and execution thus far provides confidence in Cancer Genetic Inc.'s platform. The company's FISH probe business looks to be the first to offer low-cost, high-quality probes outside the U.S., and its proprietary human papillomavirus-associated cancer test, FHACT, has the potential to be a blockbuster. . .we are initiating coverage with a Strong Buy rating."

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