Genomic Health Announces Second Quarter 2009 Financial Results and Busines... (ximately 50 percent of product revenue w...)

Genomic Health Announces Second Quarter 2009 Financial Results and Business Progress

Date:8/4/2009

ximately 50 percent of product revenue was recorded on an accrual basis and recognized at the time test results were delivered, reflecting established payment patterns from payors with agreements to pay or contracts in place.

Total operating expenses were $40.5 million, including cost of product revenues of $7.9 million, in the second quarter of 2009, compared with total operating expenses of $32.2 million, including cost of product revenues of $6.9 million, in the second quarter of 2008. Included in second quarter 2009 total operating expenses were non-cash charges of $4.1 million, including $2.5 million of stock-based compensation expense and $1.6 million of depreciation and amortization expenses, compared with $2.3 million of stock-based compensation expense and $1.2 million of depreciation and amortization expenses in the same period in 2008.

Financial Results for Six Months Ended June 30, 2009

Total revenue for the six months ended June 30, 2009 was $70.4 million, compared with $51.2 million for the first six months of 2008. Product revenue for the six months ended June 30, 2009 was $68.6 million, compared with $49.7 million for the first six months of 2008.

Net loss for the six months ended June 30, 2009 was $8.6 million, compared with $10.7 million for the first six months of 2008. Basic and diluted net loss per share was $0.30 for the six months ended June 30, 2009, compared with basic and diluted net loss per share of $0.38 for the first six months of 2008.

2009 Outlook and Financial Guidance

The company is maintaining its previous full-year ending December 31, 2009 guidance as follows:

Total revenue: $148 million to $160 million;
Net loss: $14 million to $7 million; and
Test results delivered: 50,000 to 53,000.

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Genomic Health Announces Second Quarter 2009 Financial Results and Busines...(ximately 50 percent of product revenue w...)