Genomic Health Announces Second Quarter 2012 Financial Results and Business Progress
- Product Revenue Increased 13% Compared with Prior Year
- Delivered Net Income of $1.8 Million
- Began Offering Oncotype DX® Colon Cancer Test for Stage III Patients
- Combined Invitae with Locus Development to Create Independent Genetics Company
- Conference Call Today at 4:30 p.m. ET
REDWOOD CITY, Calif., Aug. 8, 2012 /PRNewswire/ – Genomic Health, Inc. (Nasdaq: GHDX) today reported financial results and business progress for the quarter ended June 30, 2012.
EXCERPT FROM PRESS RELEASE REGARDING INVITAE ONLY:
Update on Invitae:
“As the Invitae business strategy has evolved, we recognized an increasing distinction from our core business in cancer and, at the same time, identified meaningful synergies with Locus Development, a privately held company we have been investors in since 2011. We have concluded that the best path forward is to support the combination of the two entities as a separate independent company under the leadership of Randy Scott,” said Kim Popovits. “In becoming Chairman of the Board and CEO of the combined entity to be called Invitae, we fully support Randy’s decision to step down from our Board of Directors as he turns his full attention toward building a world class company to advance the use of genetics in the clinical setting, and believe this is the ideal way for Genomic Health to optimize our investment in genetics.”
Genomic Health has committed to make an additional investment of up to $5 million in the combined entity’s current Series C financing round, resulting in an ownership position of less than 20 percent, with a right to increase its ownership in a future round of financing.
For entire press release, see: