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Genomic Health Announces First Quarter 2011 Financial Results and Business Progress
Date:5/3/2011

REDWOOD CITY, Calif., May 3, 2011 /PRNewswire/ -- Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended March 31, 2011.

Total revenue increased to $49.8 million in the first quarter of 2011, compared with $41.2 million in the first quarter of 2010.  Product revenue was $49.5 million in the first quarter of 2011, an increase of 23 percent, compared with $40.3 million in the first quarter of 2010.

Net loss was $0.3 million in the first quarter of 2011, an improvement of $1.6 million compared with a net loss of $1.9 million in the first quarter of 2010.  Basic and diluted net loss per share was $0.01 in the first quarter of 2011, compared with basic and diluted net loss per share of $0.07 in the first quarter of 2010.

"We delivered strong year over year product revenue growth of 23 percent driven by growth in Oncotype DX® tests across all products and markets," said Kim Popovits, President and Chief Executive Officer of Genomic Health.  "Our goal in 2011 remains to position Genomic Health for long term success by continuing to significantly invest in the global commercialization of our breast and colon cancer tests and in our pipeline while growing top line revenue and delivering a full year of profit."

Additional First Quarter 2011 Financial Results Total operating expenses for the first quarter of 2011 were $50.0 million, including cost of product revenues of $9.1 million, compared with total operating expenses for the comparable period in 2010 of $43.1 million, including cost of product revenues of $9.0 million.  Included in operating expenses for the first quarter of 2011 were non-cash charges of $4.8 million, including $2.9 million of stock-based compensation expense and $1.9 million of depreciation and amortization expenses, compared with non-cash charges fo
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