Genomic Health Inc. (GHDX) reported fourth-quarter net income of $2.6 million or $0.08 per share, compared to $1.7 million or $0.06 per share in the prior year quarter.
Total revenue increased to $53.40 million from $47.12 million in the comparable quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share on revenue of $53.83 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2012, the company expects total revenue in a range of $230 million to $240 million. Analysts currently expect fiscal 2012 revenue of $236.28 million.
Separately, Genomic Health announced plans to establish a wholly owned subsidiary with the goal of improving the quality of diagnosis, communication and support for millions of patients and their families faced with common and rare genetic conditions.
The company stated that the subsidiary is expected to be established by March 1, 2012 and provide its first commercial service in 2013.
Further, the company said that the new subsidiary will focus on accelerating the integration of the human genome into medical practice with an emphasis on bioinformatics and clinical utility. Randy Scott will be CEO of the new subsidiary and remain a Genomic Health Board member and Kim Popovits, President and Chief Executive Officer, will assume the additional role of Chairman of the Board effective March 1, 2012.
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