Foundation Medicine Books 57 Percent Revenue Growth in Q1; Clinical Revenue Declines 8 Percent | GenomeWeb

NEW YORK (GenomeWeb) – Foundation Medicine reported a 57 percent increase in first quarter revenues after the close of the market on Tuesday, driven by biopharmaceutical customers.

In addition, the company announced the commercial launch of its liquid biopsy assay for clinical use and a partnership with AstraZeneca to develop companion diagnostic assays.

The Cambridge, Massachusetts-based company had $30.4 million in first quarter revenues, up from $19.3 million during the year-ago quarter, and beating the average analyst estimate of $26.2 million.

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