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Genomic Health turns 4Q, full-year 2010 profit

Wed, 02/09/2011 - 5:45am
The Associated Press

Clinical diagnostic test developer Genomic Health Inc. turned a fourth-quarter profit as it saw a 14 percent increase in the number of Onco type DX test results delivered.

The Redwood City, Calif., company said late Tuesday it earned $1.7 million, or 6 cents per share, in the three months that ended Dec. 31. That compares to a loss of $341,000, or a penny per share, in the final quarter of 2009. Revenue climbed 19 percent to $47.1 million.

Analysts polled by FactSet expected, on average, earnings of 8 cents per share on $47.2 million in revenue.

The company said it delivered its first full-year profit in 2010, earning $4.3 million, or 14 cents per share, on $178.1 million in revenue.

Genomic Health's lead product is the Onco type DX breast cancer test, which is used to predict the likelihood of a chemotherapy benefit and recurrence for early-stage breast cancer. Last year, it also launched its second product franchise, an Onco type DX colon cancer test.

The company said the number of test results delivered in the fourth quarter increased to more than 15,180 compared to 13,340 in the final quarter of 2009. More than 57,270 test results were delivered last year, a 17 percent increase over 2009.

Genomic Health also said its operating expenses rose 15 percent to $45.8 million in the quarter.

For 2011, the company expects revenue of $200 million to $210 million, net income of $3 million to $5 million, and 63,000 to 66,000 test results delivered.

Analysts surveyed by FactSet forecast full-year revenue of $210 million, on average.

Genomic Health shares fell $1.16, or 5 percent, to $22.16 in morning trading.

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