Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

Note 12. Selected Quarterly Financial Data (Unaudited)

The following table contains selected unaudited consolidated statement of operations information for each of the quarters in 2016 and 2015. The Company believes that the following information reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

Quarter Ended	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)
2016:
Total revenues	$	80,894	$	81,974	$	82,258	$	82,742
Product revenues		80,894		81,886		82,136		82,002
Cost of product revenues		15,800		15,221		13,062		13,180
Net income (loss)		(6,351)		(6,100)		(2,820)		1,352
Basic net income (loss) per common share	$	(0.19)	$	(0.18)	$	(0.08)	$	0.04
Diluted net income (loss) per common share	$	(0.19)	$	(0.18)	$	(0.08)	$	0.04
2015:
Total revenues	$	68,152	$	70,619	$	73,554	$	75,133
Product revenues		68,152		70,619		73,554		75,133
Cost of product revenues		12,762		13,033		13,718		14,269
Net loss		(9,493)		(9,237)		(11,843)		(2,735)
Basic and diluted net loss per common share	$	(0.30)	$	(0.29)	$	(0.36)	$	(0.08)

The quarterly increases in product revenues during 2016 and 2015 were primarily attributable to increased adoption of the Oncotype DX breast and colon cancer tests by physicians, international expansion, increased revenues recorded on an accrual basis, and increased reimbursement for these tests by third‑party payors. The increase in cost of product revenues during first six months of 2016 and 2015 was primarily due to incremental costs related to test processing associated with the Oncotype DX prostate cancer test. The decrease in cost of product revenues during the last six months of 2016 was due the satisfaction of certain royalty payment obligations. Per share amounts for the quarters and full year have been calculated separately. Accordingly, quarterly amounts may not add up to the annual amount because of differences in the weighted‑average common shares outstanding during each period, due primarily to the effect of the Company’s issuing shares of its common stock during the year.

For all of the quarters presented, except for the quarter ended December 31, 2016, basic and diluted net loss per common share were identical as potential common shares were excluded from the calculation because their effects were anti‑dilutive.