10Q Launch of Prostate test and ...."consolidation " read
In June 2012, the Company began offering the Onco type DX colon cancer test for use in patients with stage III disease treated with oxaliplatin-containing adjuvant therapy. In May 2013, the Company plans to present data from a clinical validation study and proceed with the launch of a test for prostate cancer, the Oncotype DX Genomic Prostate Score, or GPS. This test may be used to improve treatment decisions for prostate cancer patients, in conjunction with the Gleason score, or tumor grading.
Principles of Consolidation
The condensed consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries. The Company had three wholly-owned subsidiaries at March 31, 2013: Genomic Health International Sarl, which was established in Switzerland in 2009, and Genomic Health International Holdings, LLC, which was established in Delaware in 2010, both of which support the Company’s international sales and marketing efforts; and Oncotype Laboratories, Inc., which was established in 2003, and is inactive. Genomic Health International Holdings, LLC has three wholly-owned subsidiaries: Genomic Health U.K., Ltd. and Genomic Health Germany GmbH, both of which were established in 2011 and Genomic Health Canada, which was established in 2012. The functional currency for the Company’s wholly-owned subsidiaries incorporated outside the United States is the U.S. dollar. All significant intercompany balances and transactions have been eliminated.
Genomic Health is the leader of a genomic standard of care just getting stated. Most analysts believe this will be a 25 Billion dollar market. Breast colon and now prostate indications will become the standard of care and save insurance companies 5 times that much,(the test is 99% accurate if chemo will work).The industry is just getting started. This is the Amgen of genomic testing, Any bids will make this stock explode. The recent buyback has the co 99+% controlled.
creates financials that are consistent with American Generally Accepted Accounting Principles, and eliminates the problem of having to reconcile American GAAP financials with International GAAP financials.