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Genomic Health Q2 Revenues Swell 75 Percent on Strong Oncotype DX Sales

NEW YORK (GenomeWeb News) - Genomic Health yesterday said second-quarter revenues grew by 75 percent, R&D spending rose 93 percent, and net loss widened by 47 percent.
Total receipts for the three months ended June 30 increased to $14.7 million from $8.4 million year over year.
Product revenues jumped 87 percent to $14.6 million, while contract revenue decreased 76 percent to $135,000 million. CEO Randy Scott said product revenues from sales of the company’s Oncotype DX test were "stronger than our expectations," and that the firm made "important reimbursement progress" over the quarter.
R&D spending swelled to $5.2 million from $2.7 million in the year-ago period.
Net loss for the second quarter increased to $7.2 million from $4.9 million.
Genomic Health said it had around $43.6 million in cash and cash equivalents, and $36.1 million in short-term investments as of June 30.
Genomic Health said its revenue for the full year "may be at the high end” of the guidance it provided in January of between $57 million and $63 million. The company’s projected loss for the full year remains unchanged, between $27 million and $30 million.

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