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Genomic Health Announces Fourth Quarter and Year-End 2008 Financial Results and Business Progress, Provides 2009 Financial Guidance
Date:2/3/2009

al reimbursement coverage providing access to Oncotype DX for more than 90 percent of U.S. insured lives," said Kim Popovits, President and Chief Executive Officer of Genomic Health. "Looking forward, with healthcare reform a major focal point, we believe tests like Oncotype DX will continue to raise the quality of healthcare and demonstrate the economic impact of personalized medicine."

Additional Fourth Quarter and Year-End 2008 Financial Results

Approximately 50 percent of product revenue was recorded on an accrual basis and recognized at the time the test results were delivered during the fourth quarter of 2008, reflecting established payment patterns from payors with coverage policies in place.

Total operating expenses were $33.9 million in the fourth quarter of 2008, compared with $26.1 million for the fourth quarter of 2007. Included in fourth quarter 2008 operating expenses were non-cash charges of $3.8 million, including $2.4 million of stock-based compensation expense, compared with $1.9 million in the same period in 2007, and $1.4 million of depreciation and amortization expenses, compared with $1.0 million in the same period in 2007.

Total operating expenses for the year ended December 31, 2008 were $128.1 million, compared with $93.7 million for the comparable period in 2007. Included in operating expenses were non-cash charges of $14.2 million, including stock-based compensation expense of $9.2 million in the year ended December 31, 2008 compared with $6.3 million for the same period in 2007, and $5.0 million of depreciation and amortization expenses in 2008, compared with $4.0 million in the same period in 2007.

2009 Outlook and Financial Guidance

"In 2009, we intend to continue to make the necessary investments to penetrate the existing breast cancer market, broaden reimbursement to cover node-positive patients, drive international access of
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SOURCE Genomic Health
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