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REDWOOD CITY, Calif., Feb. 3 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the fourth quarter and year ended December 31, 2008.
Total revenue for the fourth quarter of 2008 increased to $31.2 million, compared with $19.3 million in the fourth quarter of 2007. Product revenue from the Oncotype DX(R) breast cancer assay was $30.9 million in the fourth quarter of 2008, an increase of 60 percent, compared with $19.3 million in the fourth quarter of 2007. The net loss in the fourth quarter of 2008 decreased 161 percent to $2.3 million, from $6.0 million in the fourth quarter of 2007. Basic and diluted net loss per share applicable to common stockholders was $0.08 in the fourth quarter of 2008, compared with a net loss per share of $0.21 in the fourth quarter of 2007.
Total revenue for the year ended December 31, 2008 increased to $110.6 million, compared with $64.0 million in 2007. Product revenue was $108.7 million for the year ended December 31, 2008, compared with $62.7 million in 2007. Contract revenue comprised the balance of total revenue for each of these periods. The net loss for the year ended December 31, 2008 decreased 41 percent to $16.1 million from $27.3 million in 2007. Basic and diluted net loss per share applicable to common stockholders was $0.57 for the year ended December 31, 2008, compared with a $1.02 net loss per share in 2007.
Cash and cash equivalents and short-term investments at December 31, 2008 were $56.7 million, compared with $54.4 million at September 30, 2008 and $68.4 million at December 31, 2007.
"The excellent results achieved in 2008 were fueled by the expanded
clinical utility of the Oncotype DX breast cancer assay, its inclusion in
clinical practice guidelines, and addition
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