For the three months ended March 31, the firm reported revenues of $9.2 million, up from $6.0 million in the year-ago quarter and beating the consensus Wall Street estimate of $8.9 million.
For the three months ended Dec. 31, 2019, the firm's revenues fell to $4.1 million from $5.8 million in 2018, widely missing the analysts' average estimate of $10.8 million.
The Parsippany, New Jersey-based firm expects to expand relationships with multiple biopharmaceutical companies after bolstering its biopharma services business.
The new name better reflects its business model combining MDx testing with the drug discovery and development services business it acquired from Cancer Genetics.
The firm said that the second tranche is part of the financing provided by Ampersand Capital for the $23.5 million acquisition of Cancer Genetics' biopharma business earlier this year.
