NEW YORK (GenomeWeb) – Foundation Medicine reported after the close of the market on Tuesday that its second quarter revenues rose 24 percent, driven by a higher adoption of its molecular information solutions by clinicians and biopharma partners.
For the three months ended June 30, the Cambridge, Massachusetts-based firm reported $35.0 million in revenues, up from $28.2 million during the same period last year, and in line with the average Wall Street revenue estimate of $34.9 million.
Revenues from its biopharmaceutical customers grew 17 percent to $22.1 million from $18.9 million in the second quarter of 2016, while revenues from clinical testing grew 37 percent to $12.9 million from $9.4 million a year ago.
The company said that it will now be reporting revenues in two components, molecular information services and pharma research and development services. The former comprises revenues from commercialized platforms and services such as sample profiling, data access, and SmartTrials, and includes revenues from clinical and pharmaceutical customers. The latter includes revenues from the development of assays and other services funded by pharmaceutical collaborators.
In Q2, Foundation’s molecular information business contributed $30.3 million in revenues, $12.9 million of which came from clinical customers and $17.4 million