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Genomic Health Announces Third Quarter 2009 Financial Results and Business Progress
Date:11/4/2009

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

Total revenue increased to $39.5 million in the third quarter of 2009 compared with $28.1 million in the third quarter of 2008. Product revenue from the Oncotype DX® breast cancer test was $38.9 million in the third quarter of 2009, an increase of 39 percent, compared with $28.1 million in the third quarter of 2008.

Net loss decreased to $502,000 in the third quarter of 2009 from $3.0 million in the third quarter of 2008. Basic and diluted net loss per share was $0.02 in the third quarter of 2009, compared with basic and diluted net loss per share of $0.11 in the third quarter of 2008.

Cash and cash equivalents and short-term investments at September 30, 2009 were $58.9 million, compared with $55.7 million at June 30, 2009 and $56.7 million at December 31, 2008.

"In the third quarter, we significantly grew our business, improved gross margins and increased the reimbursement per test resulting in a narrowed net loss," said Kim Popovits, President and Chief Executive Officer of Genomic Health. "We are committed to strengthening our business through continued investment in the worldwide expansion of the Oncotype DX breast cancer test and the anticipated launch of our Oncotype DX colon cancer test early next year. In addition, as we near break even, we are focused on driving longer-term growth by leveraging our rigorous development approach and commercial infrastructure to bring additional products to cancer patients."

Additional Third Quarter 2009 Financial Results

During the third quarter of 2009, approximately 50 percent of product revenue was recorded on an acc
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SOURCE Genomic Health, Inc.
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