NEW YORK (GenomeWeb News) – Genomic Health said today net loss fell by nearly half in the second quarter as product revenues quintupled.
The results caused shares in the company to trade up almost 15 percent, or $1.61, at $12.47 in mid-afternoon today.
Receipts for the three months ended June 30 increased to $8.4 million from $1.2 million year over year, Genomic Health said. Oncotype DX product sales to Medicare and privately insured patients accounted for $7.8 million in revenue.
R&D costs increased 13 percent to $2.8 million from $2.4 million in the comparable quarter a year ago.
Genomic Health narrowed its net loss 39 percent in the quarter to $4.9 million from $8 million during the comparable period last year.
The company said it had around $21 million in cash and cash equivalents and $33.7 million in short-term investments as of June 30.