Foundation Medicine Posts 55 Percent Q2 Revenue Growth; Shares Fall on Lowered Revenue Guidance | GenomeWeb

NEW YORK (GenomeWeb) – Foundation Medicine reported after the close of the market Wednesday a 55 percent year-over-year increase in second quarter revenues amid a widening net loss.

The firm's shares dropped 23 percent in Thursday morning trade on the Nasdaq to $22.60 after it fell short of Wall Street's estimates and lowered its revenue guidance for 2015.

Revenues for the Cambridge, Massachusetts-based company increased to $22.5 million in the second quarter from $14.5 million during the same period in 2014, falling short of the Wall Street estimate of $24.4 million.

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