Foundation Medicine's Revenues Climb 54 Percent in Q3 as Net Loss Widens | GenomeWeb

NEW YORK (GenomeWeb) – Foundation Medicine after the close of market Tuesday reported a 54 percent increase in revenues for the third quarter, driven by strong growth from its biopharmaceutical business, along with a widening net loss and a sequential decrease in the number of clinical tests it provided.

Investors reacted negatively to the shortfall in clinical tests and a lowered forecast for 2015 clinical test volume, sending Foundation Medicine’s shares down 21 percent in Wednesday morning trade on the Nasdaq to $18.91.

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