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Genomic Health Inc. Message Board

  • terry_amln terry_amln Nov 7, 2012 6:10 PM Flag

    Genomic Health Announces Third Quarter 2012 Financial Results and Business Progress

    Product Revenue Increased 13% Compared with Prior Year
    Delivered Net Income of $3.7 Million
    Positive Prostate Cancer Data Submitted to ASCO Genitourinary Cancers Symposium - On Target to Launch Test in First Half 2013
    6 Abstracts Accepted for Presentation at San Antonio Breast Cancer Symposium
    Conference Call Today at 4:30 p.m. ET

    REDWOOD CITY, Calif., Nov. 7, 2012 /PRNewswire/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended September 30, 2012.

    Total revenue increased to $58.6 million in the third quarter of 2012, compared with $52.1 million in the third quarter of 2011, an increase of 13 percent. Product revenue was $58.4 million in the third quarter of 2012, compared with $51.7 million for the same period in 2011, an increase of 13 percent.

    Net income was $3.7 million in the third quarter of 2012, compared with net income of $3.2 million in the third quarter of 2011.

    Basic and diluted net income per share applicable to common stockholders was $0.12 and $0.11, respectively in the third quarter of 2012, compared with basic and diluted net income per share of $0.11 and $0.10, respectively, for the same period in 2011.

    "In the third quarter, we delivered strong net income and a 13 percent increase in year-over-year product revenue, led by significant international growth reflecting the diversification of our business and continued progress in capturing an important global opportunity," said Kim Popovits, Chairman of the Board, Chief Executive Officer and President of Genomic Health. "Further, with the announcement of positive prostate cancer validation study results, we are now positioned to leverage our proven commercial infrastructure in addressing a third major cancer, and one of the greatest needs in medicine, by making the Oncotype® DX prostate cancer test available in the first half of 2013."

    Total operating expenses for the third quarter of 2012 were $54.9 million, including cost of product revenues of $9.0 million, compared with total operating expenses for the comparable period in 2011 of $48.7 million, including cost of product revenues of $9.2 million. Included in operating expenses for the third quarter of 2012 were non-cash charges of $4.6 million, including $3.4 million of stock-based compensation expense and $1.2 million of depreciation and amortization expenses, compared with 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 for the same period in 2011.

    In the third quarter of 2012, more than 18,030 Oncotype DX test results were delivered, an increase of 7 percent, compared with 16,890 test results delivered in the third quarter of 2011.

    Financial Results for Nine Months Ended September 30, 2012

    Total revenue for the nine months ended September 30, 2012 was $174.7 million, compared with $152.7 million for the first nine months of 2011, an increase of 14 percent. Product revenue for the nine months ended September 30, 2012 was $173.5 million, compared with $151.6 million for the first nine months of 2011, an increase of 14 percent.

    Net income was $6.3 million for the nine months ended September 30, 2012, compared with net income of $5.3 million for the first nine months of 2011.

    Basic and diluted net income per share was $0.21 and $0.20, respectively, for the nine months ended September 30, 2012, compared with basic and diluted net income per share of $0.18 and $0.17, respectively, for the same period in 2011.

    Cash and cash equivalents and investments in marketable securities at September 30, 2012 were $127.0 million, compared with $100.5 million at December 31, 2011.

    Recent Business Highlights:

    Oncotype DX Breast and Colon Cancer Commercial Progress
    •Established reimbursement with three additional state Medicaid programs for node-negative breast cancer patients.
    •Secured incremental international reimbursement for the Oncotype DX breast cancer test in France, Greece, Kuwait and Spain.
    •The Journal of Medical Economics and Bulletin du Cancer published studies demonstrating that the Oncotype DX breast cancer test is expected to be cost saving in Germany and France, respectively.

    Medical Meeting Presentations and Pipeline
    •Announced positive topline results from a large clinical validation study of the Oncotype DX Genomic Prostate Score (GPS). Complete data from this study has been submitted for presentation at the 2013 ASCO Genitourinary Cancers Symposium in February. Based on the positive results, the company plans to make the test available to physicians and patients in the first half of 2013.
    •Presented data from three studies at the 2012 European Society of Medical Oncology (ESMO) Congress that support expanded use of Oncotype DX tests in optimizing treatment decisions for breast and colon cancer patients at various stages of disease.
    •Presented new data from two studies at the 2012 ASCO Breast Cancer Symposium that reinforce the value of Oncotype DX in node-positive breast cancer patients and provide further background on the development of the Oncotype DX DCIS (ductal carcinoma in situ of the breast) Score.
    •Received acceptance for six Oncotype DX studies at the upcoming San Antonio Breast Cancer Symposium (SABCS) in December.

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