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Genoptix Reports Continued Strong Growth for the Second Quarter and First Half of 2009
Date:7/30/2009

ion weighted average common shares outstanding. This compares to EPS of $0.32 for the second quarter of 2008, which would have been reduced by approximately $0.13 if taxed at the current rate.

As of June 30, 2009, the Company's total cash, cash equivalents and investment securities were $126.7 million. Cash generated from operations was $14.3 million for the second quarter of 2009, with bad debt expense at approximately 3% of total revenues and days sales outstanding of 54 days, consistent with the comparable prior year period.

First Half 2009 Results

Revenues for the first half of 2009 totaled $84.5 million, including a $5.1 million benefit from changes in accounting estimates resulting primarily from strong cash collections related to prior years. This is an increase of 68.6% over revenues of $50.1 million for the comparable period in 2008, which included a $1.3 million benefit from changes in accounting estimates resulting primarily from cash collections related to prior years.

Gross profit for the first half of 2009 was $52.3 million, or 61.9% of revenues, up from $29.7 million, or 59.3% of revenues, for the first half of 2008. Operating income for the first half of 2009 was $23.6 million, or 27.9% of revenues, compared to operating income of $9.3 million, or 18.6% of revenues, for the same period in 2008.

Net income was $13.8 million for the first half of 2009, on a tax rate of 43.6%. This compares to net income of $10.6 million for the first half of 2008, when taxed at a rate of 3.7%. EPS for the first half of 2009 was $0.77 based on 17.9 million weighted average common shares outstanding. This compares to EPS of $0.60 based on 17.5 million weighted average common shares outstanding for the first half of 2008, which would have been reduced by approximately $0.25 if taxed at the current rate.

For the first half of 2009, cash generated from oper
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SOURCE Genoptix, Inc.
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