Under the determination, which will become final following publication in Germany's Federal Gazette, Oncotype DX becomes the only multigene test nationally reimbursed in Germany for its target population early-stage breast cancer patients.
The investment bank cited management confidence in US and European test growth as meriting the upgrade, which was necessary to maintain a current $72 price target on the firm's stock.
As part of the deal, Alpharetta, Georgia-based Ascenda acquired Provista's Videssa Breast test, a blood-based proteomic test for aiding assessment of indeterminate mammograms.
Meeting presentations supported tweaking the clinical interpretation of Genomic Health's Oncotype DX and bolstered Biotheranostics' Breast Cancer Index.
The randomized data continue to distinguish Genomic Health's test for node-negative women, while new questions come to the fore node-positive disease and other areas of clinical care.
The Australian firm will use the proceeds for R&D, expansion in China, and to fund the development of polygenic risk tests with TGen in the US.
The company will now be able to market the test, which algorithmically weighs molecular markers and clinical information, in all 50 US states.
The company said adopters are ordering tests in areas of great interest, like CTC and blood biomarker monitoring, despite a lack of reimbursement.
The company's total revenue for the three months ended March 31 was $108.8 million compared to $92.6 million in the first quarter of 2018, exceeding analyst expectations.
The test is designed to determine breast cancer risk by analyzing a number of factors including breast density, breast biopsy history, and a polygenic score.