REDWOOD CITY, Calif.,
Oct. 7, 2015 /PRNewswire/ -- On
Tuesday, October 6, 2015, the Centers
for Medicare and Medicaid Services (CMS), which administers the
Medicare program, issued updated pricing determinations for the
Clinical Laboratory Fee Schedule (CLFS) including a payment rate of
$3,416 for the Oncotype
DX® breast cancer test. This is the same rate paid
by Noridian Healthcare Solutions, the Medicare Administrative
Contractor (MAC) who processes Genomic Health's (Nasdaq: GHDX)
claims. This means the payment rate for the Oncotype DX
breast cancer test will remain at the current contracted rate of
$3,416 through 2016. In 2017,
market-based rates under the Protecting Access to Medicare Act
(PAMA) are expected to replace the current Medicare CLFS.
"We are pleased that CMS quickly revised its final pricing
determination for the Oncotype DX breast cancer test to reflect the
MAC-established rate as well as the factors set forth by Medicare
to establish payment amounts, such as market rates and resources,"
said Kim Popovits, chairman of the
board, chief executive officer and president of Genomic
Health.
About Oncotype DX®
The Oncotype
DX® portfolio of breast, colon and prostate cancer
tests applies advanced genomic science to reveal the unique biology
of a tumor in order to optimize cancer treatment decisions. The
company's flagship product, the Oncotype DX breast cancer test, has
been shown to predict the likelihood of chemotherapy benefit as
well as recurrence in invasive breast cancer. Additionally, the
test predicts the likelihood of recurrence in a pre-invasive form
of breast cancer called DCIS. With half a million patients tested
in more than 90 countries, the Oncotype DX tests have redefined
personalized medicine by making genomics a critical part of cancer
diagnosis and treatment. To learn more about Oncotype DX breast
cancer tests, visit: www.OncotypeDX.com or
www.mybreastcancertreatment.org.
About Genomic Health
Genomic Health,
Inc. (NASDAQ: GHDX) is the world's leading provider of
genomic-based diagnostic tests that address both the overtreatment
and optimal treatment of early-stage cancer, one of the greatest
issues in healthcare today. The company is applying its world-class
scientific and commercial expertise and infrastructure to lead the
translation of massive amounts of genomic data into
clinically-actionable results for treatment planning throughout the
cancer patient's journey, from diagnosis to treatment selection and
monitoring. The company is based in Redwood City, California, with international headquarters
in Geneva, Switzerland. For
more information, please visit, www.GenomicHealth.com and
follow the company on Twitter: @GenomicHealth, Facebook,
YouTube and LinkedIn.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to the benefits of the test to
physicians, patients and payors. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially, and reported results should not be considered
as an indication of future performance. These risks and
uncertainties include, but are not limited to: the company's
ability to successfully achieve increases to reimbursement levels
in a reconsideration process with CMS, the ability of test results
to change treatment decisions; the risks and uncertainties
associated with the regulation of the company's tests; the results
of clinical studies; the applicability of clinical study results to
actual outcomes; the risk that the company may not obtain or
maintain sufficient levels of reimbursement, domestically or
abroad, for its existing tests and any future tests it may develop;
the risks of competition; unanticipated costs or delays in research
and development efforts; and the other risks set forth in the
company's filings with the Securities and Exchange Commission,
including the risks set forth in the company's quarterly report on
Form 10-Q for the year ended June 30, 2015. These
forward-looking statements speak only as of the date
hereof. Genomic Health disclaims any obligation to update
these forward-looking statements.
NOTE: The Genomic Health logo, Oncotype, Oncotype
DX, Recurrence Score, and DCIS Score are trademarks or registered
trademarks of Genomic Health, Inc. All other trademarks
and service marks are the property of their respective
owners.
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SOURCE Genomic Health, Inc.