Clinical diagnostic test developer Genomic Health Inc. said Thursday it expects to meet its 2009 revenue guidance, but fourth-quarter results were affected by a delay in payment receipts.
The company reported preliminary full-year revenue of $149.5 million, which marks a 35 percent boost from the $110.6 million recorded in 2008. It posted fourth-quarter revenue of $39.5 million, up 24 percent from $31.2 million in the same period a year prior.
Analysts polled by Thomson Reuters estimated 2009 revenue of $151.7 million, with fourth-quarter revenue of $41.6 million.
Preliminary fourth quarter total revenue was affected by a delay in the receipt of payments of about $2.5 million, Genomic Health said. The delays came from Anthem Insurance and the Blue Card program administered by Blue Shield of California. The company expects the payments in early 2010.
The company will announce actual fourth-quarter and full-year results in early February, along with 2010 guidance.
Shares of Genomic Health fell 57 cents, or 2.9 percent, to close at $18.85.