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Foundation Medicine Reports $29M in Preliminary 2013 Revenue

NEW YORK (GenomeWeb News) – Foundation Medicine today reported unaudited total revenue of $29 million for the year ended Dec. 31, 2013, compared to less than $11 million for 2012.

The company's preliminary revenues beat consensus analyst estimates for the year of $28 million.

Oncologists ordered around 3,750 FoundationOne clinical tests in the fourth quarter, compared to 2,577 for the year-ago quarter. For the whole year, oncologists ordered 9,000 tests.

Foundation Medicine CEO Michael Pellini attributed strong fourth-quarter adoption of FoundationOne to the firm's growing commercial team and to greater repeat testing among oncologists in the academic and community settings.

Foundation Medicine's lead product, FoundationOne, is a targeted next-generation sequencing test that gauges more than 200 cancer-related genes. Foundation One in 2013 launched its second clinical product, FoundationOne Heme, for patients with hematologic malignancies and sarcomas, and opened a new lab facility that allowed it to expand its operational capabilities.

Foundation Medicine said it will launch an updated version of FoundationOne with an expanded panel of genes related to solid tumors in the first half of this year. It also plans to introduce new features for its Interactive Cancer Explorer physician portal in the second half of the year.

The company said it expects to deliver between 22,000 and 25,000 tests in 2014, driven by FoundationOne and FoundationOne Heme.

The company projected 2014 revenues to be between $52 million and $58 million.

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