Genomic Health Announces Second Quarter 2009 Financial Results and Busines...( ...)

REDWOOD CITY, Calif., Aug 4 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended June 30, 2009.

Total revenue increased to $36.6 million in the second quarter of 2009 compared with $27.8 million in the second quarter of 2008. Product revenue from the Oncotype DX(R) breast cancer test was $35.2 million in the second quarter of 2009, an increase of 34 percent, compared with $26.3 million in the second quarter of 2008.

Net loss decreased to $3.9 million in the second quarter of 2009 from $4.1 million in the second quarter of 2008. Basic and diluted net loss per share was $0.14 in the second quarter of 2009, compared with basic and diluted net loss per share of $0.15 in the second quarter of 2008.

Cash and cash equivalents and short-term investments at June 30, 2009 were $55.7 million compared with $53.4 million at March 31, 2009 and $56.7 million at December 31, 2008.

"In the second quarter, we grew revenue, narrowed our net loss and increased total cash, in part by expanding Oncotype DX access and coverage to a broader breast cancer population," said Kim Popovits, President and Chief Executive Officer of Genomic Health. "Our continued growth and strong financial position support the substantial investment we are making to develop and commercialize additional tests to personalize the treatment of cancer. Since 2004, we have delivered Oncotype DX to more than 100,000 breast cancer patients and today remain on track to make our new Oncotype DX colon cancer test available early in 2010."

Additional Second Quarter 2009 Financial Results

During the second quarter of 2009, appro
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