"The value of our differentiated service offerings is evidenced by our significant growth in revenue and earnings per share, both of which have increased substantially from just one year ago," said the Company's President and CEO Tina Nova Bennett, Ph.D. "This is our thirteenth consecutive quarter of growth in case volume and revenues, results that further validate our business model. We are proud of our ability to consistently provide specialized, dedicated support to our physician partners and will continue to deliver our high quality services directly to the hematologists and oncologists at the community level."
Gross profit for the quarter improved to $9.7 million, or 60% of revenues, from $3.1 million, or 45% of revenues, for the third quarter of 2006. Gross profit for the nine months ended September 30, 2007 improved to $24.2 million, or 59% of revenues, from $6.9 million, or 43% of revenues, for the comparable period in 2006.
Operating expenses for the quarter increased $2.1 million to $6.0 million from $3.9 million for the third quarter of 2006. In addition, operating expenses for the nine months ended September 30, 2007 increased to $15.3 million from $10.5 million for the comparable period in 2006.
As of September 30, 2007, the Company's cash and cash equivalents were $10.1 million compared to $3.9 million at December 31, 2006. For the nine months ended September 30, 2007, cash generated from operations was $9.1 million, while purchases of capital equipment for the same period totaled $0.8 million, principal payments on notes payable totaled $1.2 million and costs paid in connection with the Company's IPO totaled $1.1 million. Following completion of its IPO in November 2007, the Company received net proceeds of $72.8 million (after underwriting discounts, commissions and estimated offering costs).
"This was a quarter of solid cash generation and improved cost
management as we continued to drive strong demand for our unique
|SOURCE Genoptix, Inc.|
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