NEW YORK (GenomeWeb) – Foundation Medicine today reported a sharp increase in preliminary revenue for the fourth quarter and full year 2015.
The company projects approximately $26.1 million in fourth quarter revenues, up 39 percent from $18.7 million in Q4 2014, and $93.2 million in full-year revenues, up 53 percent from $61.1 million in 2014. Analysts had estimated Q4 earnings of about $25 million for the company.
Foundation also said it reported 8,286 clinical test results to ordering physicians in the fourth quarter, compared to 7,233 tests in the year-ago quarter. The firm reported 32,998 clinical test results in 2015, up from 24,271 in 2014.
As of Dec. 31, Foundation had approximately $232 million in cash, cash equivalents, and marketable securities.
For 2016, Foundation expects revenues between $110 million and $120 million — below analyst estimates of $127 million — and operating expenses in the range of $175 million to $185 million. Foundation also said it anticipates delivering between 37,000 and 40,000 FoundationOne and FoundationOne Heme clinical tests this year, and to commercially launch its circulating tumor DNA assay, which is currently being evaluated in a multi-center study, in the first quarter.
Foundation plans to provide complete quarterly and full-year financial results during a conference call in February.
The company's shares fell more than 4 percent to $15.98 in afternoon trading on the Nasdaq.