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

for the same period in 2010 of $4.5 million.

In the third quarter of 2011, more than 16,890 Oncotype DX test results were delivered, an increase of 15 percent, compared with 14,730 test results delivered in the third quarter of 2010.

Financial Results for Nine Months Ended September 30, 2011Total revenue for the nine months ended September 30, 2011 was $152.7 million, compared with $131.0 million for the first nine months of 2010. Product revenue for the nine months ended September 30, 2011 was $151.6 million, compared with $128.6 million for the first nine months of 2010, an increase of 18 percent.

Net income was $5.3 million for the nine months ended September 30, 2011, compared with net income of $2.6 million for the first nine months of 2010. Basic net income per share was $0.18 and diluted net income per share was $0.17 for the nine months ended September 30, 2011, compared with basic and diluted net income per share of $0.09 for the first nine months of 2010.

Cash and cash equivalents and investments in marketable securities at September 30, 2011 were $87.4 million compared with $76.8 million at December 31, 2010.

Financial Guidance Update"Due to ongoing strength and leverage in our business, continued reimbursement success, and an amendment to a PCR licensing arrangement, we are raising our full year 2011 net income guidance from $3-$5 million to approximately $8 million," said Dean Schorno, Chief Financial Officer of Genomic Health.  

Quarterly Highlights Oncotype DX Breast Cancer Commercial Progress

  • Established reimbursement contract with the Irish HSE National Cancer Control Programme, the country's public insurer covering approximately half the population of Ireland.  This coverage for lymph-node-negative, estrogen receptor-positive breast cancer patients makes Ireland the first European country to provide full public reimbursement
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  • SOURCE Genomic Health, Inc.
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