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Genomic Health's Q2 Revenues Rise 32 Percent

NEW YORK (GenomeWeb News) – Genomic Health reported after the close of the market Tuesday that its second-quarter revenues increased 32 percent on increased sales of its Oncotype Dx breast cancer test.

The Redwood City, Calif.-based pharmacogenomic test developer and service provider brought in total revenues of $36.6 million, up from $27.8 million for the second quarter of 2008. Product revenue from Oncotype Dx was $35.2 million, an increase of 34 percent over revenue of $26.3 million for the comparable period of 2008.

Genomic Health's net loss for the quarter decreased 5 percent year over year to $3.9 million, or $.14 per share, from $4.1 million, or $.15 per share, in Q2 of 2008.

The company's R&D spending increased 26 percent to $9.2 million from $7.3 million year over year, and its SG&A expenses rose 23 percent to $23.4 million from $19.1 million.

"In the second quarter, we grew revenue, narrowed our net loss and increased total cash, in part by expanding Oncotype DX access and coverage to a broader breast cancer population," Genomic Health President and CEO Kim Popovits said in a statement. "Since 2004, we have delivered Oncotype DX to more than 100,000 breast cancer patients and today remain on track to make our new Oncotype DX colon cancer test available early in 2010."

Genomic Health finished the quarter with $11.4 million in cash and cash equivalents and $44.4 million in short-term investments.

The firm maintained its guidance for full-year 2009 of total revenues of between $148 million and $160 million and a net loss of between $14 million and $7 million.

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