NEW YORK (GenomeWeb) – Genomic Health reported after the close of the market on Thursday that its second quarter reported revenues rose 14 percent year over year, beating the consensus Wall Street estimate.
For the three months ended March 31, the company’s total revenues were $95.6 million, compared with $83.8 million in the second quarter of 2017, when adjusted to the new ASC 606 accounting standard the company adopted this January. On a constant currency, pre-606 basis, revenues rose 13 percent in Q2 2018 from $85.5 million in Q2 2017. Analysts had predicted revenues of $92.1 million on average.
During a conference call with analysts following the release of the earnings, Genomic Health Chairman, President, and CEO Kim Popovits said that the company believes its growth was driven by enhanced operational efficiency, strong reimbursement for the Oncotype DX breast cancer test, and increased private payor reimbursement for the firm’s Genomic Prostate Score test.
“With increasing reimbursement in our US urology business and the global impact of the recently published landmark TAILORx results, we are on track to deliver double-digit revenue growth and full year profitability,” she added.
Long-awaited results from the TAILORx study — which answered what had been an