Gross profit for the full-year 2007 reached $35.2 million, pushing gross margins to 59%, up from $10.9 million, or 45% of revenues, for all of 2006. This improvement was primarily due to increases in case volume and service revenues resulting from an expanded sales effort and a net increase in Medicare reimbursement rates.
Operating expenses for 2007 increased to $22.2 million from $14.8 million for the full-year 2006, decreasing as a percentage of revenues to 37% for 2007, compared to 62% for all of 2006. Increased expenses were driven by the cost of additional personnel hired to support continued growth and infrastructure expansion. Operating income improved on a year-over-year basis, growing to just over $13 million at the end of 2007 from a loss of $3.9 million in 2006.
For the year, GAAP net income in 2007 increased to $13.4 million, $3.3 million of which is allocable to common shareholders, resulting in EPS of $0.78 on 4.2 million shares of weighted average common stock outstanding during the period. This compares to a net loss of $3.8 million, or a net loss of $33.74 per diluted share, for the full year 2006.
As of December 31, 2007, the Company's cash and cash equivalents and investment securities available-for-sale totaled $85.5 million compared to $3.9 million in the same period one year ago. Following completion of its IPO in November 2007, the Company received net proceeds of $72.5 million (after underwriting discounts, commissions and offering costs). For the full year ended December 31, 2007, cash generated from operations was $13.1 million, while purchases of capital equipment for the same period totaled $1.2 million.
"Once again, we improved our performance metrics over prior periods,
ending the year with DSOs lowered to 52 days and further reducing bad debt
expense to approximately 2% of our total revenues," said Sam Riccitelli,
Genoptix EVP and COO. "Our solid operational execution and resulting cas
|SOURCE Genoptix, Inc.|
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