Foundation Medicine (FMI) Misses Q1 EPS by 30c

Foundation Medicine (NASDAQ: FMI) reported Q1 EPS of ($1.31), $0.30 worse than the analyst estimate of ($1.01). Revenue for the quarter came in at $26.3 million versus the consensus estimate of $29.07 million.

GUIDANCE:

Foundation Medicine sees FY2017 revenue of $135-145 million.

2017 Outlook

Foundation Medicine’s business and financial outlook for 2017 remains unchanged:

• The company expects 2017 revenue will be in the range of $135 million to $145 million.
• The company expects to deliver between 53,000 and 56,000 clinical tests in 2017.
• The company expects operating expenses will be in the range of $205 million and $215 million.
• The company expects to advance its universal, pan-cancer companion diagnostic assay through the FDA and CMS Parallel Review process with a decision in the second half of 2017.
• The company expects to expand upon reimbursement progress made in 2016 and drive additional coverage decisions for its CGP assays.

For earnings history and earnings-related data on Foundation Medicine (FMI) click here.

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