Foundation Medicine Q4 Revenue Climbs - Quick Facts

(RTTNews) - Foundation Medicine, Inc. (FMI) reported Monday that its preliminary total revenue in the fourth quarter climbed 93 percent to about $18.7 million from last year's $9.7 million. The company reported 7,233 clinical tests to ordering physicians in the fourth quarter, compared to a total of 3,752 tests reported last year.

For fiscal 2014, revenues surged 111 percent to $61.1 million from $29.0 million a year ago. A total of 24,271 FoundationOne clinical tests were reported to ordering physicians for the full year, a 167 percent increase over the 9,095 tests reported in 2013.

The company noted that FoundationOne and FoundationOne Heme are fully informative genomic profiles used by oncologists to identify the molecular alterations in a patient's tumor and match them with clinically relevant targeted therapies and clinical trials.

Michael Pellini, president and chief executive officer of Foundation Medicine, said, "The rapid revenue growth in 2014 was driven by progress across the three key pillars of our business, specifically, the continued adoption of comprehensive genomic profiling by oncologists in both the academic and community setting, an increase in demand from our pharmaceutical partners for clinical trial support, and expanded access to our molecular information platform."

The company also highlighted several commercial and operational accomplishments in 2014.