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Genomic fitness Inc (GHDX) Q1 2019 revenue name Transcript

Logo of jester cap with thought bubble.picture source: The Motley fool.

Genomic health Inc (NASDAQ:GHDX)Q1 2019 earnings CallMay. 7, 2019, four:30 p.m. ET

Contents:
  • organized Remarks
  • Questions and answers
  • name individuals
  • organized Remarks:

    Operator

    decent afternoon. My identify is Jamie, and that i should be your convention operator these days. at the moment, i need to welcome all and sundry to Genomic health's First Quarter 2019 financial outcomes convention call. at the moment, all participants are in a hear-simplest mode. (Operator directions) As a reminder, this convention name is being recorded.

    i would now like to flip the name over to Emily Faucette, vice chairman of company Communications and Investor relations. You may additionally start your convention name.

    Emily Faucette -- vice chairman of company Communications & Investor relations

    thanks. first rate afternoon, each person, and welcome to Genomic health's convention call to evaluate their first quarter 2019 economic consequences. becoming a member of me nowadays to make prepared remarks are, Kim Popovits, their Chairman of the Board, Chief government Officer and President; and Brad Cole, their Chief monetary Officer. moreover, Fred Pla, their Chief operating Officer; and Rick Baehner, their Chief scientific Officer, might be obtainable all the way through Q&A at the end of the name.

    Please observe, a replica of the organized remarks they are about to make is available to download on the traders part of their company web page, genomichealth.com, and a reconciliation of non-GAAP numbers referenced in these remarks can also be present in their first quarter of 2019 profits press liberate.

    earlier than they begin, i'd want to remind you that probably the most information introduced today may also contain projections or other ahead-looking statements concerning future movements or the long run financial efficiency of the company. These statements are in line with administration's current expectations and the actual routine or effects might also vary materially and adversely from these expectations.

    We refer you to their most contemporary Annual file on form 10-ok, and quarterly file on kind 10-Q, as filed with the SEC, in selected to the section entitled possibility elements, for more information on elements that might cause actual outcomes to differ materially from their present expectations. These ahead-searching statements talk handiest as of the date hereof, and they disclaim any responsibility to replace these forward-searching statements.

    i may now flip the name over to Kim.

    Kimberly Popovits -- Chairman of the Board, Chief govt Officer & President

    Thanks, Emily. good afternoon, every person, and welcome. in the first quarter of 2019, they delivered $108.8 million in salary or growth of 17.four% and $13 million in profit, pushed by tremendous boom across all key product areas. These robust consequences are based in part on the have an impact on of the landmark TAILORx trial effects, which are continuing to drive accelerated Oncotype DX Breast Recurrence score look at various usage globally. They additionally endured to generate further adoption and private repayment for their prostate melanoma checks.

    i would like to take a second to highlight the essential accomplishments across their key product areas that drove this quarter's efficiency, positioning us for double-digit salary increase for the yr.

    In their core invasive breast cancer company, the follow altering TAILORx trial results are carrying on with to increase Oncotype DX to a brand new world common of care, with expanding traction amongst physicians with excessive-increase advantage to use Oncotype DX greater always for all medically eligible patients. With this definitive evidence, it has never been as clear which patients want chemotherapy in keeping with Oncotype DX. Following the roll out of their new test file and surgeon campaign in December, they currently launched a digital advertising crusade targeting underpenetrated US market with a branded message encouraging patients to put chemo to the check with Oncotype DX.

    In March, at the St. Gallen foreign Breast cancer convention in Vienna, they offered effects from five reviews, together with real-world proof that reinforces the treatment paradigm dependent by using the TAILORx trial. records from decision impact experiences became also introduced, highlighting the price of Oncotype DX in personalizing and enhancing the satisfactory of clinical choices for patients with early stage breast cancer, together with those with node high-quality ailment. They predict these new records, which are in accordance with outcomes from hundreds of patients in the US and Europe, will guide accelerated uptake globally as they additional beef up the price of Oncotype DX trying out. And on the compensation front, with IQWiG's unique advice for Oncotype DX, they proceed to expect a closing countrywide insurance determination in Germany in the 2nd quarter.

    Turning now to their oncology -- urology franchise, they have two market-main prostate cancer checks that symbolize a increase possibility more desirable than $500 million. distinct inner most insurers centered new insurance for the Oncotype DX Genomic Prostate rating or GPS examine all over the primary quarter, bringing the full number of US lined lives to more than $114 million, including Medicare.

    We also made growth securing extra repayment for the Oncotype DX AR-V7 Nucleus become aware of test, constructing on the Medicare insurance that changed into centered in December. during the primary quarter, they secured coverage from their first private payor, bringing the total number of US coated lives to greater than 61 million. Importantly, in April, NCCN reinforced its prostate cancer instructions recommending the glory of AR-V7 checking out in metastatic castrate resistant prostate cancer patients following preliminary remedy with abiraterone or enzalutamide to aid book the alternative of extra therapy.

    finally, we're carrying on with to boost the building of a pattern-to-answer IVD offering of the Oncotype DX breast melanoma look at various on the Idylla platform. They plan to region this enjoyable and differentiated device at medical validation websites in France and Germany in the second half of 2019.

    i will now flip the call over to Brad to give extra element on their first quarter fiscal consequences.

    G. Bradley Cole -- Chief fiscal Officer

    Thanks, Kim. they are off to a very amazing beginning in 2019 with double-digit growth in each salary and tests delivered in the first quarter compared to remaining 12 months. They delivered double-digit earnings increase for all key product areas and robust income for the quarter, marking their fifteenth consecutive quarter of stronger non-GAAP profitability.

    complete revenue was $108.eight million for the quarter, an increase of more than 17%, in comparison with complete revenue of $92.6 million for the first quarter of 2018. On a non-GAAP regular forex basis, total profits for the quarter grew 18% in comparison to last 12 months. net revenue for the quarter changed into $13 million or salary per share of $0.34 on a diluted foundation, an improvement of $16.eight million compared with a web lack of $three.eight million for a similar duration in 2018. Their gross margin fee was eighty four.4% for the quarter and is per their expectations for the total 12 months of 2019.

    in the first quarter, they delivered more than 37,580 Oncotype DX checks, a rise of 16% in comparison to a year in the past. This mighty test increase displays performance across their enterprise. principally, both their foreign and US GPS product areas multiplied 28% and 25%, respectively, compared to the first quarter of closing yr. Their GPS product area become lifted with the aid of contributions from their urology salesforce growth and reinforced guidelines in comparison to a yr in the past.

    earlier than jogging you in the course of the salary consequences across each and every of their key product areas, I need to factor out that the elevated income focus fees in their earnings portfolios within the second half of 2018 positively impacted earnings comparisons by about three% within the first quarter of 2019. devoid of these nice changes to their salary portfolios, earnings increase would were approximately 14% on the high end of their income suggestions for 2019.

    US invasive breast melanoma earnings become $79.8 million for the quarter, an increase of 12.5%, compared to earnings of $seventy one million for a similar length in 2018. The boost to income portfolios from late in 2018 impacted the salary comparisons by using approximately 4% for the first quarter of 2019. with out these increases, profits increase would were over 8%. US invasive breast cancer verify volume accelerated 9% for the quarter, driven in enormous half by means of the continued rise in adoption following the TAILORx effects that had been introduced and posted in June of final yr.

    international product earnings changed into $17.eight million for the quarter, a rise of 29%, in comparison with salary of $13.8 million for a similar duration in 2018. On a non-GAAP consistent foreign money groundwork, foreign income for the quarter grew 32.9% compared to closing year.

    As they skilled -- excuse me, as they experienced in the US, the TAILORx trial outcomes persisted to have a robust affect internationally. The number of foreign checks delivered in the first quarter grew 28% compared with the same length in 2018. international check boom remains amazing and above average check growth stages, raising international verify mix to 25% of complete test extent in the first quarter, up from 22% of complete test volume a yr in the past.

    US prostate GPS verify salary become $8.5 million for the quarter, an increase of forty seven%, compared with salary of $5.8 million for 2018. As expected, the effective revenue increase was due in part to additional expense electricity from the brand new CMS PLA code that took impact in January and increases in inner most payor reimbursement.

    GPS test extent multiplied 25% for the quarter. They believe category penetration is about 30% with Oncotype DX GPS carrying on with to be the market main verify in low and intermediate-possibility prostate melanoma examine adoption and profits.

    comparable to the fourth quarter of 2018, company working margin exceeded 10% of income within the first quarter, more than double the percent of revenue within the first quarter of 2018, as all operating ratios continue to increase. They expect working margin to continue to be above 10% for the 12 months. They delivered more than $21 million in adjusted EBITDA for the quarter. These continually stronger economic results are positively impacting their financial position and permitting for further funding as they expand their company.

    money, cash equivalents and short-time period marketable securities at March 31st, 2019 were $205.9 million, a decrease of $3.8 million from the end of remaining year. money movement for the quarter turned into impacted by using pursuits annual payments related to worker compensation.

    As a reminder, attaining the excessive conclusion of their 2019 profits advice of $448 million assumes: US invasive breast look at various quantity growth within the mid-to-high single digits with earnings at identical tiers of increase; Prostate GPS test extent boom of about 20% and persisted pricing power from the CMS PLA code constructive in 2019; and international look at various quantity growth above 25% with national reimbursement insurance in Germany positively impacting the second half of the yr.

    moreover, they continue to predict that their income boom might be bigger in the first half of '19 than in the second half of 2019 given: first, the step up in test and earnings growth skilled in the again half of remaining year in their global invasive breast melanoma enterprise following TAILORx outcomes introduced at ASCO in June 2018; and secondly, raises to their accrual charges for revenue portfolios made in the 2d half of 2018.

    We predict approximately $80 to $90 million in adjusted EBITDA for the year. With their powerful first quarter effects and persisted adoption and repayment across their Oncotype IQ portfolio globally, they agree with we're well placed to deliver double-digit profits increase and greater profitability in 2019.

    i will be able to now turn the name back to Kim.

    Kimberly Popovits -- Chairman of the Board, Chief govt Officer & President

    Thanks, Brad. As we've viewed within the first quarter, they predict the TAILORx outcomes to continue to have a tradition-altering have an impact on globally. They seem to be ahead to country wide reimbursement growth in key European markets, including Germany, which is expected to have a favorable profits have an effect on in the second half of the year, and they assume expanded adoption and personal reimbursements for Oncotype DX GPS check and Oncotype DX AR-V7 Nucleus discover test, both of which at the moment are lined by way of Medicare. With these growth drivers, they agree with they are smartly located to continue to drive both near and lengthy-term shareholder cost.

    looking ahead, we're more positive than ever about additional reworking melanoma results for sufferers, physicians and healthcare methods worldwide. With assorted systems and partnerships, they plan to diversify their Oncotype IQ portfolio with an increased menu of checks that they carry globally via their dependent oncology and urology channels.

    above all, they accept as true with their building of a unique and tremendously scalable pattern-to-reply IVD edition of the Oncotype DX Breast Recurrence score look at various positions us for extra lengthy-time period growth and diversification through: accelerating entry in key European markets with a localized answer; opening global access to rising colossal markets; proposing us with a proprietary platform to build a menu of in the neighborhood disbursed assessments to be offered through their global industrial channels; and facilitating broader collaboration opportunities with companions searching for localized diagnostic options.

    Importantly, as a reminder, they currently multiplied their unique collaboration with Biocartis into the box of urology enabling for the construction of an IVD edition of their Oncotype DX GPS examine. This choice reflects their self assurance within the Idylla platform and perception that it will be a differentiated answer to speed up adoption of each their latest examine and future choices to meet the wants of physicians and patients globally.

    In closing, with their proven business mannequin and song listing of ecocnomic increase, we're neatly placed to extra their mission of establishing and supplying excessive price tests that enhance medicine selections and outcomes for melanoma patients worldwide while carrying on with to store healthcare systems billions of greenbacks.

    i might now want to open the line in your questions.

    Questions and solutions:

    Operator

    thanks. (Operator guidance) Their first query comes from Mark Massaro with Canaccord Genuity. Your line is now open.

    Mark Massaro -- Canaccord Genuity -- Analyst

    good day guys, thanks for taking the question. My first one is on Biocartis. i know you guys outlined that you just plan to -- I think location systems in France and Germany within the second half of '19. are you able to simply make clear if that might be for the Oncotype Breast cartridge? after which, can you supply a bit extra granularity on the roll out of the breast cartridge and the prostate cartridge?

    Frederic Pla -- Chief operating Officer

    Yeah, so Mark, here's Fred Pla here. so you're appropriate. We're planning and we're on target to installation their first systems at their scientific validation sites in France and Germany by using the end of the yr. This might be the breast product. And at this time, we're planning on launching that on the conclusion of 2020. so far as the prostate product is concerned, we're in feasibility degrees at this time. Their plan these days is to launch this one first within the US. So this may be -- we'll must go through FDA acclaim for that and we're looking at 2022 as a timeframe for that one.

    Mark Massaro -- Canaccord Genuity -- Analyst

    k. and then possibly one for Brad. I believe you indicated adjusted EBITDA book between $80 million and $ninety million. I think prior to now you were at $ninety million plus. can you clarify that, and if it really is the case, where do you expect the incremental funding to move?

    G. Bradley Cole -- Chief monetary Officer

    We don't in fact believe they changed their view on EBITDA. I suggest, the guidance for the bottom line is unchanged and you've considered in this quarter, the other objects, inventory-based mostly comp and depreciation, amortization delivered just about $10 million in the quarter. So they should be in the range of $40 million above their tips. Their e-book is $48 million to $54 million. So we're going to be in the mid to high 80s and they may be above $90 million, yes.

    Mark Massaro -- Canaccord Genuity -- Analyst

    okay. after which my ultimate query pertains to the brand new report you've gotten rolled out, I bet no longer that new, but can you simply give me a way for the category of comments you are getting from the Oncotype breast file? and then, any color as it pertains to the digital ad campaign, can you remind us if you launched this and even if or not you might be seeing any talents enhance in demand as a result of both the advert campaign or the report?

    Kimberly Popovits -- Chairman of the Board, Chief government Officer & President

    Yeah, here's Kim. i'll comment on the affected person report and perhaps new crusade, and i'd love for Emily to speak just a little concerning the digital campaign, we're very enthusiastic about these. So they did launch the new reports in December. They rolled it out at San Antonio. we've obtained notable remarks around the simplicity and the readability that the report is proposing, as well as the new crusade that has in no way -- it's in no way been as clear crusade. So or not it's resonating very neatly with their audiences, in specific, with the viewers that they actually need to direct lots of their efforts towards, which is that community of physicians that isn't the use of the verify automatically on all eligible sufferers.

    So the place they see the biggest skills for boom is where we're seeing premiere circulation right now, which is amazing. So they want to see and we're also getting really respectable feedback on the campaign. they now have, youngsters, gotten some request to consist of extra of the clinical data in some of the curves that they had on the previous document. So we're looking at the way to be in a position to provide that delivered information to physicians, because they in fact like the continual biology and positively respect the construction work that they have now carried out through the years and love having that to exhibit a few of their patients. So they may be including more of that lower back, however the readability and the simplicity of what they rolled out in December is in fact they consider making a significant affect.

    And Emily, perhaps touch upon the campaign?

    Emily Faucette -- vp of corporate Communications & Investor family members

    sure. Yeah, they launched their PET chemo to the verify campaign in late March and here is a centered digital campaign as a part of this broader strategic effort to reach patients in markets the place physicians don't seem to be using the test as at all times as they could be. And so as a result of their analytics, they know exactly the place these physicians are and accreted a very compelling online crusade involving seven women who've used the projects and inspiring sufferers with a extremely potent branded message to position chemo to the look at various with their Oncotype DX rating, and we're running these adverts on-line in these markets in a centered vogue the place we're able to intercept each patients and their caregivers through very focused placements and that let you ask questions that if you happen to are serving up the advert, they be aware of that they are giving it to a person who has likely been clinically determined with breast melanoma.

    So it's a collection of video adverts, a landing web page with very certain calls to action that in doing so point out that there's a chance that they're going to consult with their medical professional in regards to the examine. So it be very early days, however we're comfortable with the on-line traction, traffic, and conversion fees that we're seeing in these early days, and they will continue to optimize the crusade as they learn greater about what's working over the direction of the subsequent couple of months and look at how that recreation is taking part in out.

    Mark Massaro -- Canaccord Genuity -- Analyst

    amazing. thanks so tons and nice quarter.

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    Thanks.

    Operator

    thank you. And the subsequent query comes from Brandon Couillard with Jefferies. Your line is now open.

    Brandon Couillard -- Jefferies -- Analyst

    Thanks, decent afternoon. Kim or Brad, i would like to hear an update about the way you believe the brand new prostate reps from -- which you delivered final 12 months form of setting up, and with reimbursement improving, what's your urge for food for in all probability adding additional headcount there? And Brad, might you spike out the impact of the PLA codes on prostate, chiefly within the quarter?

    G. Bradley Cole -- Chief monetary Officer

    Yeah, when it comes to the reps, we've typically viewed the ramp uptake, two to 3 quarters, and they at the moment are out at quarter three and they suppose they saw the have an effect on in the quarter of persisted traction from the reps. They do not have any latest plans to expand the revenue drive. within the present year, they agree with the top-quality dimension is doubtless within the 60 to 70 latitude and they had been beneath 50 nowadays as there's room to develop. If they see continued traction, their imagine is doubtless in 2020, they make a different investment in the box force.

    PLA code was large in the quarter, doubtless about and they mentioned forty seven points of increase, below half of that turned into from the PLA code. They had 25% growth in volume, and possibly 15% to 20% of the boom was from the PLA code. So a big change. I remind you that, why would a PLA code be so huge, since the prostate check is -- well-nigh half of the extent come from Medicare. So a transformation like they noticed in pricing that become reasonably massive circulate from the low 3,000s to the high three,000s on reminiscent of a major piece of their volume had a nice influence on average salary pronounced and the increase of earnings.

    Brandon Couillard -- Jefferies -- Analyst

    Thanks. And greater of a better stage question for you Kim. I suggest, you might have achieved a beautiful decent job. I consider a pretty prudent job closing couple of years, calling decrease prospect partnerships in a fine looking short style. just curious the way you're thinking about the strategic sort of company construction pipeline, I suggest, you got $200 million of cash on the steadiness sheet. Are you actively pursuing other variety of an identical partnerships and curious if M&A could be on the table or now not? Thanks.

    Kimberly Popovits -- Chairman of the Board, Chief govt Officer & President

    smartly, it is still on the desk and anything that we're very interested in, and it be wonderful to be sitting competent now the place they now have significantly expanded, of direction, the value of the enterprise and now they have got growth moving in a extremely first-class course. So, Fred and his group are normally opportunities that could most desirable healthy their channels across the globe and would offer us knowledge first rate partnerships in that means. That may be near term accretive. So dwell tuned. we're looking at a few issues and of course attracted to pursuing probably the most issues such as you saw in the online game board that they laid out past within the yr. So alternatives that expand beyond early stage analysis into disease monitoring -- recurrence monitoring and all of which are of tremendous activity to us. and i would additionally add with that, having now the ability to work with varied structures, even if or not it's NGS or PCR or now having the opportunity to work in the IVD platform with the Idylla gadget, they definitely suppose it expands the many of opportunities that they will pursue after which present also to collaborators.

    Brandon Couillard -- Jefferies -- Analyst

    high-quality. thank you.

    Kimberly Popovits -- Chairman of the Board, Chief govt Officer & President

    Thanks on your questions.

    Operator

    thank you. And their subsequent query comes from invoice Quirk with Piper Jaffray. Your line is now open.

    Daniel Macek -- Piper Jaffray -- Analyst

    hi, thanks. here's Dan on for bill. so you guys in the past communicated that $5 million target for AR-V7. One, i used to be just questioning in case you might provide us an update there. i'd say, it sounds like you're chuffed with the place you're at? after which, two, given that, now that you simply're seeing reimbursement for AR-V7, might you supply us an idea of what 2018 may have seemed like given the reimbursement degrees you guys are presently seeing. Thanks.

    G. Bradley Cole -- Chief monetary Officer

    sure, AR-V7, you're correct, respectable memory, but they notion the upside was as excessive as $5 million. So we're anticipating $7 million from AR-V7. It may be as excessive as what you stated as $5 million, and we're off to a great start. CMS compensation just came about late December that changed into operationalized in the quarter and we're seeing first row revenues from AR-V7 and they believe it is going to make a significant difference over time.

    in terms of repayment from '18, I consider you asked about, there turned into practically no repayment earlier than Medicare came about in the fourth quarter, and so they don't in fact have any revenues suggested in '18. So every thing in '19 is incremental and a increase driver in that sense, because all in comparison returned to practically nothing in '18.

    Daniel Macek -- Piper Jaffray -- Analyst

    ok. got it. after which ultimately from me, might you simply deliver some color on that reimbursement opportunity in Germany. It sounds such as you're at ease on the high end of your revenue tips right now. i'm just wondering what sort of outlook you guys are baking in for the rest of the year there and if or not it's nevertheless based on your initial expectations?

    G. Bradley Cole -- Chief economic Officer

    Yeah, so you're correct to have referred to that the national compensation resolution which they are expecting right here within the next few couple of months changed into a growth driver in their high-end suggestions and they nevertheless think it's on target and will that ensue as planned. They will be monitoring towards the excessive conclusion of suggestions. i'll aspect out that in case you seem to be at all metrics in Q1, all of them tune very properly with the tips they gave across the excessive conclusion aside from Germany which became going to have an effect on the second half. So it will not have been a part of the Q1 metrics. however we're highly confident that we're on track to see a choice this quarter.

    Daniel Macek -- Piper Jaffray -- Analyst

    exquisite. Thanks a whole lot.

    Kimberly Popovits -- Chairman of the Board, Chief government Officer & President

    Welcome.

    Operator

    thank you. And their next question comes from Doug Schenkel with Cowen & enterprise. Your line is now open.

    Adam Wieschhaus -- Cowen and business -- Analyst

    hello, guys. here is Adam Wieschhaus on for Doug. Thanks for taking my questions. It changed into a powerful international test increase this quarter pushed by TAILORx and it looks like foreign ASPs went up as smartly. So with overseas growth, basically pushed via uptake within the UK market, the place you have got compensation today? after which second a part of my question is, do you see lots of talents for foreign ASP upside from right here as you penetrate markets like Germany and France? I suppose you've outlined a EUR2,000 target or higher might be proper simply due to the fact the adoption is pretty low there? thank you.

    G. Bradley Cole -- Chief economic Officer

    It became a powerful quarter for foreign. we've been targeting growth above 25%, and they saw 28% this quarter in check boom. profits on a suggested groundwork turned into 29% and also you're relevant to element out that they had been above 30% on a constant currency foundation. So ASP hasn't changed a lot, it modified a little bit, a few three percent points. here's why we're monitoring a little bit greater in income, they were in examine. It hasn't been in anyone selected market that warrant new compensation selections or new coverages in the quarter. I feel they simply had endured success with collections and perhaps the test combine become a bit greater towards the united kingdom and Canada.

    As for what happens when they get compensation, the ASP and foreign is working round $1,900 or so. If the IVD receives reimbursed at EUR2,000, say as an example, that might also now not be what they yield from it, but they soon will yield EUR2000 or so, then ASP would tune relatively much the place it's today. So -- they are not anticipating a huge carry from IVD pricing. We're anticipating a large raise from access to the market to construct and develop the penetration in these key markets in Western Europe. it is the simple driver of this software and or not it's less about ASP and extra about access.

    Adam Wieschhaus -- Cowen and enterprise -- Analyst

    ok. it's tremendous helpful. after which possibly I neglected it, but did you give any replace on where you stand with the French reimbursement?

    G. Bradley Cole -- Chief monetary Officer

    We didn't. We're still getting reimbursed in the course of the identical multi gene assay access application that is for the final a couple of years. they would hope to move that ahead. Frankly, France is a little bit of a laggard and a few of the different countries in Europe. Germany is probably a good yr forward of them of their decision tactics and we're working difficult to circulation the events just a little ahead in France.

    Adam Wieschhaus -- Cowen and enterprise -- Analyst

    ok. thanks.

    Operator

    thank you. And their next query comes from Kevin DeGeeter with Oppenheimer. Your line is now open.

    Kevin DeGeeter -- Oppenheimer -- Analyst

    whats up, thanks guys for taking my question. I simply are looking to follow-up on a few of your earlier comments with regard to digital ad campaign. And specially, I bet, two lines of thought, first, should they consider about here's in reality a ordinary piece of the revenue and advertising finances, the place you continue to improvement from ongoing touch available in the market you recognized? after which, can you just sort of define for us some metrics you may also use to feel about whether it's acceptable to explore different alternatives to de-leverage digital channels, possibly together with your sales individuals in definite instances possibly even in lieu of adding additional ramps?

    Emily Faucette -- vp of corporate Communications & Investor relations

    hello, Kevin, or not it's Emily. Thanks for the query. sure, this -- you can suppose of this as an ongoing effort and actually it is anything they have been doing digital recreation and outreach to sufferers especially for years now, this is extra of a -- variety of an more suitable bolder direct message in gentle of TAILORx. And so they are able to proceed to target and think about the way to reach sufferers with this message and the attractiveness about digital is that they are able to optimize the crusade in actual time, they are able to shift where we're working it, how we're operating it and in fact look at nearly on common groundwork, the recreation that we're seeing whether it be traffic to their website and most significantly conversions. So are these patients and their caregivers who we're targeting online, are they taking action that leads us to believe that they're going to ask their doctor or have a dialog with their doctor in regards to the Oncotype DX examine.

    So digital is anything that is been a part of their marketing mix, if you will, for a long time and it is now in much more more advantageous stage and whatever thing that they plan to continue to do, however absolutely they are going to be looking very intently at how the crusade is performing so that they can continue to be energetic and productive in their use of resources towards this. but they believe now peculiarly with TAILORx is the time completely to be going directly to patients to be sure that all medically eligible girls and guys who get breast melanoma have entry to Oncotype.

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    Yeah, i'd just add to that. What they do be aware of from market analysis that they have accomplished along the style is that when sufferers ask for the verify, they get it. And so they believe the timing of this campaign and that i'd compliment Emily and her team did a superb job, they have already we've got viewed such wonderful comments on it, nonetheless it is extraordinarily compelling to intercept, educate and inspire these sufferers to be inquiring for this check earlier than making their medicine resolution around chemo.

    Kevin DeGeeter -- Oppenheimer -- Analyst

    first-rate. after which perhaps my comply with-up question. For the foreign market, can you remind us to the degree of self belief you have got in Germany around a call in the 2nd quarter. What are the parameters, when it comes to, they force to obtain some sort of requirement to really speak an effect? after which, perhaps on a different word however also referring to foreign, as that piece of the company continues to develop and be an even bigger piece of complete revenue, are there differences in relative seasonality with regard to tug-through in Europe than you see within the US that most likely they should bear in mind?

    Kimberly Popovits -- Chairman of the Board, Chief government Officer & President

    neatly, i'll delivery with their expectations around the decision. What they go by way of is what is mentioned and what's being informed to us just in terms of the process and what they publicly learn about how this technique occurs with GBA. So their expectation is that they'll have an upcoming assembly where this determination should be finalized and then there's a process beyond that, however looks relatively smartly laid out. So they do not want to get out of their house here. They kind of -- I suppose stay towards being a bit bit greater conservative, however they do are expecting that they are going to have that resolution during this quarter. And given the exclusive advice from IQWIG and already the general public statements around having an influence on the choice from GBA, we're nonetheless assured that they will see a call almost immediately.

    And related to the seasonality, I believe they are able to say the identical element for the business in Europe as the US summer season tends to be the gradual downtime there, but otherwise, I do not feel anything has been...

    G. Bradley Cole -- Chief economic Officer

    Yeah, I mean, here's type of little less seasonality in the spring versus what they experienced within the US with primary (Technical difficulty).

    Kevin DeGeeter -- Oppenheimer -- Analyst

    amazing. Thanks for taking my questions.

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    you're welcome.

    Operator

    thank you. Their next query comes from Tycho Peterson with JP Morgan. Your line is now open.

    Tejas Savant -- JP Morgan -- Analyst

    howdy, guys. here's Tejas. Thanks for taking the questions. So just one large photo query here on assistance. Kim, it sounds such as you guys are very confident in the German determination coming through within the 2nd quarter. France, I imply, no alternate versus form of your prior timeline expectations of doubtless being a 2020 event. after which the AR-V7 as well, I imply, appears like or not it's off to a superb delivery, you've received north of 60 million lives within the US now. So given the entire wonderful type of incremental updates and the incontrovertible fact that you got here in type of a bit of forward of expectations this quarter as well. Are you sort of like at ease guiding towards the larger conclusion of the counsel range or do you suppose or not it's nonetheless prudent to be conservative and the midpoint is the place kind of like baseline expectation may still be?

    G. Bradley Cole -- Chief fiscal Officer

    smartly, I consider their assistance latitude is there for reasons. So I consider there are issues that might go differently. actually, the Q1 is off to a good looking birth. i would just remind you that should you modify for the increase expense on a sort of equal groundwork deliberating the profits portfolio upgrades they made late in '18 that they grew 14%. So we're right on target from the excessive end of suggestions. The German repayment determination is a factor in staying at the high end of suggestions and also you are listening to feedback round Germany and also you're listening to comments around the company, however one quarter does in the yr make and we're feeling first rate concerning the year?

    Tejas Savant -- JP Morgan -- Analyst

    got it. and then when it comes to the German resolution, has the GBA put out an agenda yet or if not, I imply, do you have got any form of expectations around timelines for that happening. and that i trust in the past you've gotten referred to type of a 60-day length post the GBA determination earlier than it receives operationalized. Is that nevertheless the expectation?

    G. Bradley Cole -- Chief financial Officer

    I don't consider the operationalization decisions any distinctive and their expectation has met -- the choice receives made in the 2nd quarter, then they might see their earnings starts to come in the third quarter. A code would not get assigned however they could reimbursed with out a code in the German equipment and the code within the deepest site to more -- just like the conclusion of the yr. So the entire issues are in location. Of direction, they would like to have a decision in March or February or January, of course. So it does exchange a little little bit of the dynamic within the back half of the yr, but once more lower back to -- after such a strong start universal that we're nonetheless monitoring towards the high-conclusion.

    Tejas Savant -- JP Morgan -- Analyst

    obtained it. after which one last one from me right here on AR-V7. Following sort of the first deepest payor approaching board right here. I mean, how should they believe in regards to the cadence for the leisure of the deepest to variety of signal on to deciding to buy the check?

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    well, it truly is I suppose -- maybe the same song third or fourth quarter. So it's a bit bit difficult to predict, but when they consider about how fast the Medicare came round and reimbursing publish launched at definitely a fine time to have a non-public payor onboard as quickly after Medicare is, they take that as an extra respectable sign. however you also examine simply the character of what this check does and that basically acts more like a associate diagnostic to 2 very expensive cures in a condition where guys have a vital determination to make. So it is a compelling story with a very solid fitness economic benefit behind it. The conversations that we're having with private payors seem to be going very well, but the timing wherein they may make selections which is all the time basically problematic to foretell, however they feel the story is a very compelling one.

    Emily Faucette -- vice chairman of company Communications & Investor relations

    The other favorable components that lately bolstered instructions, the prostate cancer medication guidelines that now suggest when you consider that AR-V7 and guys who were handled with an AR inhibitor to support them make their resolution on for his or her remedy and that was just a fresh development. so you may also be certain that is entering their conversations now and relocating them ahead.

    Tejas Savant -- JP Morgan -- Analyst

    obtained it. thank you so tons guys. appreciate the color.

    Kimberly Popovits -- Chairman of the Board, Chief government Officer & President

    you might be welcome. Thanks for the questions.

    Operator

    thank you. And their next query comes from John Hsu with Raymond James. Your line is now open.

    John Hsu -- Raymond James -- Analyst

    respectable afternoon. First question, might you simply supply a brief replace, I know it's still early, but simply any building updates which you can give on IVD for urology?

    Frederic Pla -- Chief working Officer

    here is Fred Pla right here. So they introduced the enlargement of their collaboration a few months in the past. they are in feasibility ranges, at the moment, so a sort of following the lesson that now they have discovered from iPCa, type of following that manner right here to birth constructing it. So it be looking really good presently and they will hold you guys up-to-date on a daily groundwork.

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    and i could simply add on to that. probably the most true drivers of their activity within the GPS examine is, in case you believe about how urology is practiced within the US and the place we're at the moment with an ordinary market penetration it's smartly below 50%. With the need from lots of colossal practices the place they do their personal pathology and have huge pathology corporations inside them. The desire to have a examine that they can function on web page and have it completed extra quickly along with the different pathology that they're doing. just that you could think about is in reality high. So they agree with that the place to delivery there is within the US and in addressing this need, in order that they are able to definitely absolutely penetrate that market, which once again gives loads of growth chance for us.

    John Hsu -- Raymond James -- Analyst

    ok, remarkable. after which just as a observe-up, the rest to call it as they consider in regards to the 12 months as far as how margins and expenses should be tracking, certainly it appears like gross margin for the year got here in a bit bit greater than the 84% that you just're talking about for the year. So is there any form of mix aspect to be in view that as they stream ahead?

    G. Bradley Cole -- Chief fiscal Officer

    well, I suppose the handiest factor to agree with is that we're tracking the place they thought we'd. there's going to be a little force from there if there seven ramps so quick and they believe given the margins on every seven or just structurally reduce than the commonplace for the business. however apart from that, we're tracking in reality neatly there. The repayment positive aspects will definitely add to the uplift in what may be viable in gross margin rate. I think across the year, we're nonetheless anticipating enhanced than 10%. working salary and endured leverage of the company, they noticed that their working areas grew from Q1 invariably throughout each line of the P&L now not promising that each quarter that'll be the case, but they do predict over time just like the last three years to look working ratios enhanced as they see working leverage within the business and (Technical difficulty) based on their assistance latitude.

    John Hsu -- Raymond James -- Analyst

    awesome. thanks so much.

    Kimberly Popovits -- Chairman of the Board, Chief government Officer & President

    Welcome.

    Operator

    thanks. And their next query comes from Jack Meehan with Barclays. Your line is now open.

    Mitchell Petersen -- Barclays -- Analyst

    hey, thanks for taking the question. here is really Mitch Petersen on for Jack this afternoon. within the breast franchise, did you see any commercial pricing merits within the quarter it's outside of the revenue recognition tail end and then simply to verify the pair improve tailwind this is going to annualize within the second quarter.

    G. Bradley Cole -- Chief fiscal Officer

    No, they did not see a true exchange and the insurance has persevered to be mighty and repayment is tracking where it was exited 2018, specifically within the IBC, which is almost all of the business. So, no change there. There, if you happen to've heard of a tailwind, you basically be certain you might be speakme in regards to the variety of comments I made around the increased income portfolio charges in the lower back half of '18 and the impact they could have on Q2. Is that your query -- became?

    Mitchell Petersen -- Barclays -- Analyst

    Yeah, precisely. It sounds like that is going to annualize after 2Q, just wanted to verify.

    G. Bradley Cole -- Chief financial Officer

    neatly, I think what's going to turn up is that in Q2, they began reserving some alterations, in Q3 and this autumn the changes have been bigger. So the change between these two numbers and it changed into like 3 facets on growth in Q1 in an effort to get smaller in -- the impact can be smaller in Q2, as a result of they did have some portfolio changes in Q2. As they go to the lower back half of the 12 months, we'll now be , which you might be calling annualization and they will ought to preserve this in entrance of you, since it will go the wrong way. The adjustments have been bigger than what we're going to peer the improvement from as there's some seize-up in Q3 and this fall.

    Mitchell Petersen -- Barclays -- Analyst

    acquired it. That make sense. and then internationally, I feel last quarter, you called out profits boom -- profits increase target of about 50% for 2019. Is that still the goal and obviously the increase cost within the first quarter changed into a bit bit lower than that. So is Germany, the basic driver of it really is going to get you to that fifty% target for the year as that speeds up and provides to salary within the lower back half of the yr?

    G. Bradley Cole -- Chief fiscal Officer

    Yeah, so i'll make clear that. Their salary target is greater in the 40% latitude. i know 50% obtained into the script, 40% became the target which might be in the mid $80 million, $eighty plus-million, and the birth of 33% this quarter became appropriate on track where they think it will be on a relentless currency basis and they may get into the better 30s with the reimbursement from Germany and into 40% latitude if issues go swimmingly.

    Mitchell Petersen -- Barclays -- Analyst

    got it. thank you.

    Operator

    thank you. at this time, they can now conclude the Q&A portion of the call. at present, i might want to now flip the call again to Kim Popovits.

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    thanks for joining us today and as at all times in your hobby in Genomic fitness. We're actually very blissful with the progress they made within the first quarter and intensely assured in regards to the future. So they seem forward to seeing at some upcoming investor conferences and seem to be forward to their one-on-one conversations. Thanks.

    Operator

    And this concludes modern day first quarter 2019 economic effects convention call for Genomic health. You may additionally now disconnect.

    duration: forty four minutes

    name members:

    Emily Faucette -- vice president of corporate Communications & Investor family members

    Kimberly Popovits -- Chairman of the Board, Chief executive Officer & President

    G. Bradley Cole -- Chief economic Officer

    Frederic Pla -- Chief operating Officer

    Mark Massaro -- Canaccord Genuity -- Analyst

    Brandon Couillard -- Jefferies -- Analyst

    Daniel Macek -- Piper Jaffray -- Analyst

    Adam Wieschhaus -- Cowen and business -- Analyst

    Kevin DeGeeter -- Oppenheimer -- Analyst

    Tejas Savant -- JP Morgan -- Analyst

    John Hsu -- Raymond James -- Analyst

    Mitchell Petersen -- Barclays -- Analyst

    extra GHDX evaluation

    All revenue name transcripts

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