NEW YORK (GenomeWeb) – Foundation Medicine reported after the close of the market on Wednesday that its third quarter revenues rose 45 percent year over year, driven by increases in both clinical testing and biopharmaceutical revenues.
“Foundation Medicine made great progress in the third quarter as evidenced by record revenue and clinical volume,” the company’s CEO Troy Cox said in a statement. “Our recent accomplishments … continue to position our company for further growth, and competitive differentiation to transform cancer care.”
For the three months ended Sept. 30, the Cambridge, Massachusetts-based firm reported $42.7 million in revenues, up from $29.4 million during the same period last year and beating the average analyst estimate of $38.0 million.
Revenues from the company’s biopharmaceutical customers rose 43 percent to $29.6 million from $20.7 million in Q3 2016, and revenues from clinical testing grew 51 percent to $13.1 million from $8.7 million.
According to the new reporting structure the company introduced three months ago, molecular information services revenues totaled $28.4 million, up from $18.7 million last year, and pharma research and development services revenues were $14.3 million, up from $10.7 million during last year’s third quarter.
Foundation reported 17,474 tests to clinicians in Q3,