NEW YORK (GenomeWeb) – Though Genomic Health’s third quarter earnings fell short of expectations, executives expressed confidence this week that the company is preserving its hold on the early breast cancer testing market, and will see growth in its prostate testing business as it reaps the rewards of a recent coverage decision by Medicare contractor Palmetto GBA.
The firm is also in the developing its first in vitro diagnostic, with plans to begin selling kit versions of its Oncotype Dx test starting in 2019, which will impact the way the company’s business progresses outside of the US.
Factors at play for the firm in breast and prostate cancer are very different. In breast cancer, Genomic Health’s Oncotype DX test is widely recognized by professional guidelines, and the company’s President, CEO, and Chairman Kim Popovits said this week that the company expects to see a boost in its reimbursement rates with the implementation of the Protecting Access to Medicare Act (PAMA) next year.
Genomic Health COO Brad Cole said during a call discussing the firm’s earnings this week that if PAMA goes through as envisioned, the company expects to see about a 15 percent rise in its average selling price for