Annual Revenues Increase 147% In First Full-Year Of Profitability
CARLSBAD, Calif., Feb. 12 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory service provider, today reported revenues of $18.6 million for the fourth quarter ended December 31, 2007, an increase of 137% over revenues of $7.8 million for the comparable period in 2006. For the full year ended December 31, 2007, the Company reported revenues of $59.3 million, an increase of 147% over revenues of $24.0 million for the same period in 2006.
"We are proud of our accomplishments in 2007, moving first to profitability then to the public markets, all while growing our core business and building a solid infrastructure for continued expansion," said Tina Nova Bennett, Ph.D., President and CEO of Genoptix.
Fourth Quarter 2007
Gross profit for the fourth quarter of 2007 improved to $11.0 million, or 59% of revenues, from $4.0 million, or 51% of revenues, for the fourth quarter of 2006, a 175% improvement year-over-year resulting from an increase in sales and the leverage gained from additional case volumes.
Operating expenses for the fourth quarter of 2007 increased to $6.9 million from $4.3 million in the fourth quarter of 2006. These expenses were driven by investment in rapid organizational growth and ultimately contributed to operating income of $4.1 million in the fourth quarter of 2007, or 22% of revenues, as compared to a loss of $304 thousand during the same period in 2006.
GAAP net income for the fourth quarter of 2007 was $4.7 million, or diluted earnings per share (EPS) of $0.27, compared to a net loss of $358 thousand, or a net loss of $2.40 per diluted share, for the comparable period in 2006.
|SOURCE Genoptix, Inc.|
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