NEW YORK (GenomeWeb) – Foundation Medicine reported a 13 percent revenue drop for the first quarter after the close of the market on Wednesday, driven by an expected decline in its biopharmaceutical business.
For the three months ended March 31, the Cambridge, Massachusetts-based firm reported $26.3 million in revenues, down from $30.4 million during the same period last year, and missing the average Wall Street revenue estimate of $29.1 million. The revenue decline was expected and related to the timing of research and development projects with biopharmaceutical partners.
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