We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Genomic Health Inc | NASDAQ:GHDX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 63.44 | 61.13 | 94.19 | 0 | 01:00:00 |
REDWOOD CITY, Calif., Aug. 4, 2015 /PRNewswire/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended June 30, 2015.
Revenue was $70.6 million in the second quarter of 2015 compared with $70.5 million for the second quarter of 2014.
International revenue was $9.9 million in the second quarter of 2015, down from $11.9 million in the second quarter of 2014, and represented 14 percent of revenue in the quarter. Although international test volume reached record levels, revenue was impacted negatively from foreign exchange (FX) rate differences due to the stronger dollar and by reimbursement timing in the second quarter of 2015 compared with a year ago.
"In the second quarter we successfully executed on our key growth drivers, including Oncotype DX® test growth driven by DCIS, prostate cancer and international, all of which reached record levels," said Kim Popovits, Chairman of the Board, Chief Executive Officer and President of Genomic Health. "With this momentum, anticipated Medicare revenue for our prostate cancer test in the fourth quarter and continued reimbursement success across markets and geographies, we believe we are well positioned to deliver profitability and double-digit revenue growth by the end of the year."
Net loss was $9.2 million for the second quarter of 2015 compared with net loss of $4.6 million in the second quarter of 2014. Basic and diluted net loss per share was $0.29 for the second quarter of 2015 compared with basic and diluted net loss per share of $0.15 for the same period in 2014.
Additional Second Quarter 2015 and Six Months Ended June 30, 2015, Financial Results
Revenue for the six months ended June 30, 2015, was $138.8 million compared with $137.5 million for the six months ended June 30, 2014. On a constant currency basis, revenue increased 2 percent compared with the same period in the prior year.
Net loss was $18.7 million for the six months ended June 30, 2015, compared with a net loss of $12.1 million for the six months ended June 30, 2014.
Cash and cash equivalents and short-term marketable securities at June 30, 2015, were $86.8 million exclusive of a corporate equity investment, compared with $103.7 million at December 31, 2014.
More than 26,060 Oncotype DX test results were delivered in the second quarter of 2015, compared with more than 24,050 test results delivered in the same period in 2014, an increase of 8 percent. International test results delivered grew 13 percent compared with the prior year and represented approximately 21 percent of total test volume in the second quarter of 2015.
2015 Financial Outlook
The Company is updating its financial guidance for the full year ending December 31, 2015, to reflect the estimated change in foreign currency rates:
"While we are adjusting our financial guidance to reflect an estimated $3 million impact on revenue from the effect of foreign exchange rates, our expectations regarding the level of Oncotype DX tests remain unchanged, reflecting the strong growth across markets that we delivered in the first half of the year," said Brad Cole, Chief Operating Officer and Chief Financial Officer of Genomic Health.
Recent Business Highlights
Oncotype DX Commercial Progress
Pipeline, Presentations and Publications
Conference Call Details
To access the live conference call today, August 4, at 4:30 p.m. Eastern Time via phone, please dial (877) 303-7208 from the United States and Canada or +1 (224) 357-2389 internationally. The conference ID is 78017757. Please dial in approximately 10 minutes prior to the start of the call. To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of the company's website at http://investor.genomichealth.com/events.cfm. Please connect to the web site at least 15 minutes prior to the call to allow for any software download that may be necessary.
About Oncotype DX®
The Oncotype DX® portfolio of breast, colon and prostate cancer tests applies advanced genomic science to reveal the unique biology of a tumor in order to optimize cancer treatment decisions. With half a million patients tested in more than 90 countries, the Oncotype DX tests have redefined personalized medicine by making genomics a critical part of cancer diagnosis and treatment. To learn more about OncotypeDX tests, visit: www.OncotypeDX.com, www.mybreastcancertreatment.org and www.myprostatecancertreatment.org.
About Genomic Health
Genomic Health, Inc. (NASDAQ: GHDX) is the world's leading provider of genomic-based diagnostic tests that address both the overtreatment and optimal treatment of early-stage cancer, one of the greatest issues in healthcare today. The company is applying its world-class scientific and commercial expertise and infrastructure to lead the translation of massive amounts of genomic data into clinically-actionable results for treatment planning throughout the cancer patient's journey, from diagnosis to treatment selection and monitoring. The company is based in Redwood City, California with European headquarters in Geneva, Switzerland. For more information, please visit www.GenomicHealth.com and follow the company on Twitter: @GenomicHealth, Facebook, YouTube and LinkedIn.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's belief that it is well-positioned to deliver double-digit revenue growth by the end of the year; the company's expectations regarding the timing of Medicare revenue and coverage for its prostate cancer test; the company's expectations regarding continued test growth and reimbursement success; and the company's expectations regarding full year 2015 results. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the risks and uncertainties associated with the regulation of the company's tests; the results and timing of results of clinical studies and their impact on reimbursement and adoption; the applicability of clinical study results to actual outcomes; the company's ability to develop and commercialize new tests and expand into new markets domestically and internationally; the risk that the company may not obtain, within its time expectations or at all, or maintain sufficient levels of reimbursement, domestically or abroad, for its existing tests and any future tests it may develop; the risks of competition; unanticipated costs or delays in research and development efforts; and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's quarterly report on Form 10-Q for the quarter ended March 31, 2015. These forward-looking statements speak only as of the date hereof. Genomic Health disclaims any obligation to update these forward-looking statements.
NOTE: The Genomic Health logo, Oncotype, Oncotype DX, Recurrence Score, and DCIS Score are trademarks or registered trademarks of Genomic Health, Inc. All other trademarks and service marks are the property of their respective owners.
GENOMIC HEALTH, INC. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) | ||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||
June 30, |
June 30, |
|||||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||||
REVENUES: |
||||||||||||||
Product revenues |
$ |
70,619 |
$ |
70,477 |
$ |
138,771 |
$ |
137,479 |
||||||
OPERATING EXPENSES (1)(2): |
||||||||||||||
Cost of product revenues |
13,033 |
12,207 |
25,795 |
24,262 |
||||||||||
Research and development |
14,595 |
12,630 |
33,713 |
26,636 |
||||||||||
Selling and marketing |
37,243 |
35,236 |
72,595 |
68,643 |
||||||||||
General and administrative |
16,580 |
15,015 |
32,169 |
29,743 |
||||||||||
Total operating expenses |
81,451 |
75,088 |
164,272 |
149,284 |
||||||||||
Loss from operations |
(10,832) |
(4,611) |
(25,501) |
(11,805) |
||||||||||
Interest income |
55 |
47 |
109 |
97 |
||||||||||
Other income (expense), net |
325 |
34 |
(49) |
(192) |
||||||||||
Loss before income taxes |
(10,452) |
(4,530) |
(25,441) |
(11,900) |
||||||||||
Income tax (benefit) expense |
(1,215) |
88 |
(6,711) |
163 |
||||||||||
Net loss |
$ |
(9,237) |
$ |
(4,618) |
$ |
(18,730) |
$ |
(12,063) |
||||||
Basic and diluted net loss per share |
$ |
(0.29) |
$ |
(0.15) |
$ |
(0.58) |
$ |
(0.39) |
||||||
Shares used in computing basic and diluted net loss per share |
32,324 |
31,333 |
32,191 |
31,211 |
||||||||||
(1) |
Included in operating expenses for the three months ended June 30, 2015, were non-cash charges of $5.7 million, including $4.0 million of stock-based compensation expense and $1.7 million of depreciation and amortization expenses, compared with non-cash charges for the same period in 2014 of $6.1 million, including $4.3 million of stock-based compensation expense and $1.8 million of depreciation and amortization expenses. |
(2) |
Included in operating expenses for the six months ended June 30, 2015, were non-cash charges of $11.5 million, including $8.1 million of stock-based compensation expense and $3.4 million of depreciation and amortization expenses, compared with non-cash charges for the same period in 2014 of $12.1 million, including $8.6 million of stock-based compensation expense and $3.5 million of depreciation and amortization expenses. |
GENOMIC HEALTH, INC. Condensed Consolidated Balance Sheets (In thousands) | |||||||
As of June 30, 2015 |
As of December 31, 2014 |
||||||
(Unaudited) |
|||||||
Cash and cash equivalents |
$ |
23,751 |
$ |
29,726 |
|||
Short-term marketable securities (1) |
95,912 |
73,934 |
|||||
Accounts receivable, net |
32,900 |
34,916 |
|||||
Prepaid expenses and other current assets |
9,830 |
9,944 |
|||||
Total current assets |
162,393 |
148,520 |
|||||
Property and equipment, net |
28,560 |
21,860 |
|||||
Other assets |
1,572 |
15,541 |
|||||
Total assets |
$ |
192,525 |
$ |
185,921 |
|||
Accounts payable |
$ |
5,961 |
$ |
6,987 |
|||
Accrued expenses and other current liabilities |
32,689 |
31,016 |
|||||
Deferred revenues |
524 |
335 |
|||||
Other liabilities |
2,982 |
2,070 |
|||||
Stockholders' equity |
150,369 |
145,513 |
|||||
Total liabilities and stockholders' equity |
$ |
192,525 |
$ |
185,921 |
The condensed consolidated balance sheet at December 31, 2014, has been derived from the audited consolidated financial statements at that date included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
(1) |
Included in short-term marketable securities as of June 30, 2015, was $32.9 million of corporate equity securities, representing the Company's investment in Invitae Corporation. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genomic-health-announces-second-quarter-2015-financial-results-and-reports-record-international-and-prostate-cancer-tests-delivered-300123608.html
SOURCE Genomic Health, Inc.
Copyright 2015 PR Newswire
1 Year Genomic Health Chart |
1 Month Genomic Health Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions