NEW YORK (GenomeWeb News) – Genomic Health reported after the close of the market Tuesday that its first-quarter revenues increased 21 percent year over year, with product sales climbing 23 percent.
The Redwood City, Calif.-based molecular diagnostics firm generated total revenues of $49.8 million for the three-month period ended March 31, compared to $41.2 million for the first quarter of 2010. Its product sales were $49.5 million versus $40.3 million. Genomic Health beat Wall Street estimates of $48.7 million for the quarter.
The company said that more than 16,230 Oncotype DX test results were delivered in the first quarter, up 22 percent from 13,310 test results delivered in the first quarter of 2010.
The firm's net loss for the quarter was $286,000, or $.01 per share, for the quarter compared to a net loss of $1.9 million, or $.07 per share, for Q1 2010. Analysts, on average, had expected a profit of $.02 per share.
Genomic Health spent $10.1 million on R&D during the quarter, up 29 percent from $7.8 million. Its SG&A spending increased 17 percent to $30.9 million from $26.3 million.
Genomic Health finished the quarter with $18.2 million in cash and cash equivalents and $45.4 million in short-term investments.
During a conference call following the release of the results, Genomic Health President and CEO Kim Popovits noted that the firm has invested a total of $2.8 million in two genomics startups over the last two quarters: Locus Development and Station X. Both are in stealth mode and the investments are in line with the company's move into next-gen sequencing for biomarker discovery.
The firm said that it expects to report total revenues of $200 million to $210 million for full-year 2011, and net income of $3 million to $5 million.