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Genomic Health's CEO Discusses Q2 2012 Results - Earnings Call Transcript

I will now turn the call over to Dean and Brad to provide further details on our second quarter 2012 financial results and our commercial and operations progress worldwide. I will then conclude the highlights of our research and development programs, including anticipated milestones and business priorities for the remainder of the year. Dean.

Dean Schorno

Thank you Kim. In the second quarter of 2012, we achieved 13% growth in both product revenue and total revenue. Specifically total revenue was $57.6 million, compared with $50.8 million in 2011, and product revenue increased to $57.2 million compared with $50.5 million in the same period of 2011. Contract revenue comprised the balance of total revenue for the second quarter of 2012.

As a reminder, first-quarter product revenue was higher due to the inclusion of approximately $1.2 million of cash revenues from payments by Medicare for colon tests performed prior to the establishment of coverage. Without this incremental revenue, first quarter product revenue would have been approximately $56.7 million. All areas of our business fuelled our 16% year-over-year growth in test volume as we delivered more than 19,020 Oncotype DX tests during the quarter.

The difference in test volume and product revenue growth rates reflect the continued diversification of our business, and our success in penetrating new markets, including DCIS, colon, and international, where we continue to focus on establishing coverage and consistent reimbursement.

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