NEW YORK (GenomeWeb News) - Genomic Health yesterday said third-quarter revenues bolted 124 percent, R&D spending surged 75 percent, and net loss fell by 11 percent.
Total receipts for the three months ended Sept. 30 increased to $15.9 million from $7.1 million year over year.
Product revenues from Oncotype Dx jumped 129 percent to $15.8 million from $6.9 million, while contract revenue slid 40 percent to $120,000.
Genomic Health CEO Randy Scott, said the recent inclusion of Oncotype DX, its diagnostic for breast cancer recurrence, in the guidelines the American Society of Clinical Oncology shows that the test “is becoming standard practice in breast cancer treatment planning.”
As GenomeWeb Daily News reported last week, ASCO “recommends using the test” and “differentiated it as an optimal tool for breast cancer treatment selection," said Genomic Health’s chief medical officer Steve Shak.
Third-quarter R&D spending increased to $5.6 million from $3.2 million in the year-ago period.
Net loss for the quarter was narrowed to $7.3 million from $8.2 million.
Genomic Health said it had around $26.8 million in cash and equivalents, and $47 million in short-term investments as of Sept. 30.