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Genomic Health Announces Third Quarter 2011 Financial Results and Business Progress
Date:11/1/2011

REDWOOD CITY, Calif., Nov. 1, 2011 /PRNewswire/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended September 30, 2011.

Total revenue increased to $52.1 million in the third quarter of 2011, compared with $46.3 million in the third quarter of 2010.  Product revenue was $51.7 million in the third quarter of 2011, an increase of 13 percent, compared with $45.8 million in the third quarter of 2010.

Net income was $3.2 million in the third quarter of 2011, compared with net income of $3.7 million in the third quarter of 2010.  Basic net income per share was $0.11 and diluted net income per share was $0.10 in the third quarter of 2011, compared with basic net income per share of $0.13 and diluted net income per share of $0.12 in the third quarter of 2010.

"In the third quarter we delivered strong financial results highlighted by continued topline growth, and were pleased to announce Medicare's decision to cover the Oncotype DX® colon cancer test," said Kim Popovits, President and Chief Executive Officer of Genomic Health. "We have built a solid foundation designed to deliver future growth through international expansion, the planned launch of the Oncotype DX DCIS Score and the advancement of our colon, prostate and next generation cancer diagnostics."

Total operating expenses for the third quarter of 2011 were $48.7 million, including cost of product revenues of $9.2 million, compared with total operating expenses for the comparable period in 2010 of $42.9 million, including cost of product revenues of $8.9 million.  Included in operating expenses for the third quarter of 2011 were non-cash charges of $4.7 million, including $2.9 million of stock-based compensation expense and $1.8 million of depreciation and amortization expenses, compared with non-cash charges
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SOURCE Genomic Health, Inc.
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