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Genomic Health Announces Third Quarter 2008 Financial Results and Business Progress
Date:11/5/2008

ncer assay, our narrowing net loss, and our strong balance sheet attest to the strength of our business model as we deliver the promise of genomics into the practice of medicine."

Additional Third Quarter 2008 Financial Results

The majority of product revenue, approximately 52 percent, was recorded on an accrual basis and recognized at the time the test results were delivered during the third quarter of 2008, reflecting established payment patterns from payors with coverage policies in place.

Total operating expenses were $31.4 million in the third quarter of 2008, compared with $24.0 million for the third quarter of 2007. Included in third quarter 2008 operating expenses were non-cash charges of $3.6 million, including $2.3 million of stock-based compensation expense, compared with $1.6 million in the same period in 2007, and $1.3 million of depreciation and amortization expenses, compared with $1.0 million in the same period in 2007.

Financial Results for Nine Months Ended September 30, 2008

Total revenue for the nine months ended September 30, 2008 was $79.3 million, compared with $44.7 million for the first nine months of 2007. Product revenue for the nine months ended September 30, 2008 was $77.8 million, compared with $43.5 million for the first nine months of 2007. Contract revenue constituted the balance of revenue for the first nine months of 2008 and 2007.

Net loss for the nine months ended September 30, 2008 was $13.8 million, compared with $21.3 million for the first nine months of 2007. Basic and diluted net loss per share was $0.49 for the nine months ended September 30, 2008, compared with a net loss per share of $0.81 for the first nine months of 2007.

Total operating expenses for the nine months ended September 30, 2008 were $94.2 million, compared with $67.6 million for the comparable period in 2007. The increase in expenses includes non-cash charges of $10.5 million, including stock-based compensati
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SOURCE Genomic Health, Inc.
Copyright©2008 PR Newswire.
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