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Genomic Health Inc. Message Board

  • searchingforgains searchingforgains Feb 22, 2010 4:52 PM Flag

    What's not to like

    REDWOOD CITY, Calif., Feb. 3 /PRNewswire-FirstCall/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results for the year ended December 31, 2009, which included 35 percent revenue growth compared with 2008, and the company becoming cash flow positive.

    Total revenue for the fourth quarter of 2009 increased to $39.6 million, compared with $31.2 million in the fourth quarter of 2008.  Product revenue from the Oncotype DX® breast cancer test was $39.1 million in the fourth quarter of 2009, an increase of 26 percent, compared with $30.9 million in the fourth quarter of 2008.  As previously reported, total revenue was affected by a delay in the receipt of approximately $2.5 million in payments which are to be recognized as revenue upon receipt.  The net loss in the fourth quarter of 2009 decreased to $0.3 million, from $2.3 million in the fourth quarter of 2008.  Basic and diluted net loss per share applicable to common stockholders was $0.01 in the fourth quarter of 2009, compared with a basic and diluted net loss per share of $0.08 in the fourth quarter of 2008.

    Total revenue for the year ended December 31, 2009 increased to $149.5 million, compared with $110.6 million in 2008. Â Product revenue was $146.6 million for the year ended December 31, 2009, compared with $108.7 million in 2008, an increase of 35 percent. Â Contract revenue comprised the balance of total revenue for each of these periods. Â The net loss for the year ended December 31, 2009 decreased 42 percent to $9.4 million from $16.1 million in 2008. Â Basic and diluted net loss per share applicable to common stockholders was $0.33 for the year ended December 31, 2009, compared with a $0.57 basic and diluted net loss per share in 2008.

    Cash and cash equivalents and short-term investments at December 31, 2009 were $57.4 million, compared with $58.9 million at September 30, 2009 and $56.7 million at December 31, 2008.

    "In 2009, we achieved our goal of becoming a self-sustaining business as our breast cancer franchise continued to grow and cash from operations turned positive, proving that innovative and proprietary R&D and clinically driven value-based pricing combined with a patient-centric service has delivered results," said Kim Popovits, President and Chief Executive Officer of Genomic Health. Â "In 2010, we plan to build on this success by expanding worldwide use of our Oncotype DX breast cancer test, driving adoption of our second product, the Oncotype DX colon cancer test, and focusing our R&D investment on pipeline expansion."

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