- Product Revenue Increased 78 Percent Compared to First Quarter of 2007 - - Tests Delivered Grew 68 Percent Compared to First Quarter of 2007 -
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REDWOOD CITY, Calif., May 6 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended March 31, 2008.
Total revenue increased to $23.4 million in the first quarter of 2008 compared to $14.1 million in the first quarter of 2007. Product revenue from Oncotype DX was $23.3 million in the first quarter of 2008, an increase of 78 percent compared to $13.1 million in the first quarter of 2007, reflecting continued growth in adoption and reimbursement. Contract revenue comprised the balance of total revenue for the first quarters of 2008 and 2007.
"We are seeing the positive effects of inclusion in ASCO and NCCN treatment guidelines, and additional rigorous clinical studies of our Oncotype DX breast cancer assay. We believe these factors, as well as our ongoing commercial efforts, contributed to substantial increases in adoption, continued positive reimbursement policies, and strong product revenue growth in the first quarter of 2008," said Randy Scott, Ph.D., Chairman and Chief Executive Officer of Genomic Health. "We believe that physicians are increasingly incorporating Oncotype DX into standard practice for breast cancer treatment."
Additional First Quarter 2008 Financial Results
During the first quarter of 2008, approximately 50 percent of product
revenue was recorded on an accrual basis and recognized at the time the
test results were delivered, reflecting established payment patterns from
payors with coverage policies and
|SOURCE Genomic Health, Inc.|
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