Genomic Health Announces Third Quarter 2008 Financial Results and Busines...( - Product Revenue Increased 7...)

- Product Revenue Increased 78 Percent Compared with 2007 -

- Net Loss Narrows -

- Quantitative HER2 Scores Now Included in All Oncotype DX Reports -

- Conference Call Today at 4:30 p.m. ET -

REDWOOD CITY, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended September 30, 2008.

Total revenue increased to $28.1 million in the third quarter of 2008 compared with $15.9 million in the third quarter of 2007. Product revenue from the Oncotype DX(R) breast cancer assay was $28.1 million in the third quarter of 2008, an increase of 78 percent, compared with $15.8 million in the third quarter of 2007.

Net loss decreased to $3.0 million in the third quarter of 2008, compared with $7.3 million in the third quarter of 2007. Basic and diluted net loss per share was $0.11 in the third quarter of 2008, compared with a net loss per share of $0.26 in the third quarter of 2007.

Cash and cash equivalents and short-term investments at September 30, 2008 were $54.4 million compared with $60.6 million at June 30, 2008, and $68.4 million at December 31, 2007.

"We believe personalized medicine has the power to improve the quality of care while reducing costs, which is especially important during a time of soaring health care expenses and economic uncertainty," said Randy Scott, Ph.D., Chairman and Chief Executive Officer of Genomic Health. "This quarter, we again increased the value of Oncotype DX by the inclusion of quantitative HER2 scores, while continuing to invest in our commercial organization here and abroad. We believe the growing use of our Oncotype DX breast ca
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