- Product Revenue Increased 81 Percent; Tests Delivered Grew 69 Percent
Year over Year -
- Net Loss Continued to Narrow -
- Company Updates 2008 Guidance -
- Conference Call Today at 4:30 p.m. ET -
REDWOOD CITY, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended June 30, 2008.
Total revenue increased to $27.8 million in the second quarter of 2008 compared to $14.7 million in the second quarter of 2007. Product revenue from the Oncotype DX(R) breast cancer assay was $26.3 million in the second quarter of 2008, an increase of 81 percent compared to $14.6 million in the second quarter of 2007, the result of continued growth in adoption and reimbursement. Contract revenue was $1.5 million in the second quarter of 2008, compared to $135,000 in the second quarter of 2007, reflecting continued collaboration with pharmaceutical partners to explore the development of tests for predicting benefit from certain targeted therapies.
"We believe the increasing impact of personalized medicine and our investment in Oncotype DX are reflected not only in our strong revenue and growth in tests delivered, but also in the narrowing of our net loss in the second quarter," said Randy Scott, Ph.D., chairman and chief executive officer of Genomic Health. "While we work to further reduce our net loss, we will continue to invest in our product pipeline and expand our commercial efforts outside of the United States, which we expect to be important components of future growth."
Additional Second Quarter 2008 Financial Results
During the s
|SOURCE Genomic Health, Inc.|
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