Skip to main content
Premium Trial:

Request an Annual Quote

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.

The Scan

Quality Improvement Study Compares Molecular Tumor Boards, Central Consensus Recommendations

With 50 simulated cancer cases, researchers in JAMA Network Open compared molecular tumor board recommendations with central consensus plans at a dozen centers in Japan.

Lupus Heterogeneity Highlighted With Single-Cell Transcriptomes

Using single-cell RNA sequencing, researchers in Nature Communications tracked down immune and non-immune cell differences between discoid lupus erythematosus and systemic lupus erythematosus.

Rare Disease Clues Gleaned From Mobile Element Insertions in Exome Sequences

With an approach called MELT, researchers in the European Journal of Human Genetics uncovered mobile element insertions in exomes from 3,232 individuals with or without developmental or neurological abnormalities.

Team Tracks Down Potential Blood Plasma Markers Linked to Heart Failure in Atrial Fibrillation Patients

Researchers in BMC Genomics found 10 differentially expressed proteins or metabolites that marked atrial fibrillation with heart failure cases.