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Genomic Health's Q3 Revenues Increase 17 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Genomic Health reported after the close of the market Monday that its third-quarter revenues increased 17 percent year over year, and the firm posted a profit for the second quarter in a row.

The Redwood City, Calif.-based pharmacogenomic test maker brought in total revenues of $46.3 million, compared to revenues of $39.5 million for the third quarter of 2009. It beat analysts' consensus estimate of $44.9 million for the quarter.

Genomic Health said that it delivered more than 14,730 of its Oncotype DX test results during the third quarter, up 17 percent year over year. In total, its product revenues grew 18 percent.

Kim Popovits, president and CEO of Genomic Health, said in a statement that the results "reflect an increase in revenues and test volume across all segments of our business and increasing reimbursement worldwide."

The firm posted net income of $3.7 million, or $.12 per share, compared to a net loss of $502,000, or $.02 per share, for Q3 2009. It was the second quarter in a row that the firm posted a profit.

Its R&D spending was $8.2 million, down 10 percent from $9.1 million for the third quarter of 2009, while its SG&A expenses increased around 15 percent to $25.9 million from $22.6 million.

Genomic Health finished the quarter with $23.6 million in cash and cash equivalents and $46.1 million in short-term investments.

In early Tuesday trade on the Nasdaq, shares of Genomic Health soared 22 percent to $18.28.

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