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Genomic Health Inc. Message Board

  • sblum2000 sblum2000 Nov 5, 2013 4:11 PM Flag

    earnings

    Genomic Health Announces Third Quarter 2013 Financial Results and Business Progress

    Product Revenue Increased 13% Compared to Prior Year
    NICE Recommends Oncotype DX® as Only Breast Cancer Test to Predict Chemotherapy Benefit
    Conference Call Today at 4:30 p.m. ET



    REDWOOD CITY, Calif., Nov. 5, 2013 /PRNewswire/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended September 30, 2013.

    (Logo: http://photos.prnewswire.com/prnh/20130425/SF01493LOGO)

    Product revenue was $65.7 million in the third quarter of 2013, compared with $58.4 million for the third quarter of 2012, an increase of 13 percent. Total revenue for the third quarter of 2013 increased to $66.0 million, compared with $58.6 million in the third quarter of 2012.

    International product revenue grew by 25 percent to $10.1 million compared to the same period in 2012, and represented 15 percent of product revenue in the third quarter of 2013.

    Net income in the third quarter of 2013 was $0.5 million, compared with net income of $3.7 million in the third quarter of 2012. Basic and diluted net income per share applicable to common stockholders was $0.02 for the third quarter of 2013, compared with a basic and diluted net income per share of $0.12 and $0.11, respectively for the same period in 2012.

    "Our strong third quarter performance, including 13 percent year-over-year growth in product revenue, was driven by double digit test volume growth in all areas of our business," said Kim Popovits, Chairman of the Board, Chief Executive Officer and President of Genomic Health. "Success in the quarter was also highlighted by increased adoption of our prostate cancer test and NICE's recommendation of Oncotype DX as the only test to help clinicians decide whether to prescribe chemotherapy in patients with early-stage, hormone receptor-positive, invasive breast cancer."

    Additional Third Quarter 2013 and Nine Months Ended September 30, 2013 Results

    Total operating expenses for the third quarter of 2013 were $65.5 million, compared with total operating expenses of $54.9 million for the comparable period in 2012.

    Product revenue for the nine months ended September 30, 2013 was $192.1 million, compared with $173.5 million for the nine months ended September 30, 2012, an increase of 11 percent. Total revenue for the nine months ended September 30, 2013 was $192.8 million, compared with $174.7 million for the same period in 2012.

    Net loss was $3.4 million for the nine months ended September 30, 2013, compared with net income of $6.3 million for the nine months ended September 30, 2012.

    Cash and cash equivalents and short-term investments at September 30, 2013 were $114.0 million, compared with $99.1 million at December 31, 2012.

    In the third quarter, more than 21,790 Oncotype DX test results were delivered, an increase of 21 percent, compared with more than 18,030 test results delivered in the same period in 2012.

 
GHDX
25.98-0.75(-2.81%)Jul 28 4:00 PMEDT

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