CARLSBAD, Calif., May 8 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory service provider, today reported revenues of $22.3 million for the first quarter ended March 31, 2008, as compared to revenues of $10.7 million for the comparable period in 2007. The first quarter 2008 results include a $651 thousand benefit from changes in accounting estimates relating to 2007.
"We started the year with another quarter of strong operational results, increasing sales by 20% over the fourth quarter of 2007 and 109% from a year ago," said Tina Nova Bennett, Ph.D., President and CEO of Genoptix. "A growing customer base and improving case volumes continue to drive revenues as customer adoption of our services grows in regions across the country."
The Company also reported GAAP net income of $5.0 million for the first quarter ended March 31, 2008, compared to net income of $1.3 million for the first quarter ended March 31, 2007. Diluted earnings per share, or EPS, for the first quarter of 2008 was $0.29 based on 17.5 million weighted average common shares outstanding, including $0.05 of negative impact from increased costs associated with non-cash stock-based compensation expense, which includes the launch of our employee stock purchase program at the start of 2008.
The Company completed its initial public offering, or IPO, on November 2, 2007. On a pro forma basis, assuming conversion of all outstanding preferred stock, diluted EPS for the three months ended March 31, 2007 would have been $0.10 (see "Pro Forma Net Income Per Share" table below).
Gross profit for the first quarter of 2008 improved to $13.1 million,
or 59% of revenues, from $6.0 million, or 56% of revenues, for the first
|SOURCE Genoptix, Inc.|
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