Foundation Medicine, Inc. (FMI) saw its loss widen to $46.45 million, or $1.31 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $17.31 million, or $0.50 a share. Revenue during the quarter dropped 13.33 percent to $26.33 million from $30.38 million in the previous year period. Gross margin for the quarter contracted 3094 basis points over the previous year period to 31.57 percent.
Operating loss for the quarter was $46.69 million, compared with an operating loss of $17.48 million in the previous year period.
"Foundation Medicine achieved several milestones this quarter that extend our leadership in molecular information, including strong growth in clinical volume, payment from Medicare and a collaboration with Bristol-Myers Squibb in the critical field of immuno-oncology," said Troy Cox, chief executive officer of Foundation Medicine. "Importantly, we believe we are on track to achieve our 2017 business objectives, including advancing our universal companion diagnostic assay through the FDA and CMS parallel review process to a decision during the second half of this year."
Foundation Medicine forecasts revenue to be in the range of $135 million to $145 million for fiscal year 2017.
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