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Genoptix Reports Strong Financial Results for the Second Quarter and Raises Guidance for Full-Year 2008
Date:7/31/2008

CARLSBAD, Calif., July 31 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory services provider, today reported revenues of $27.8 million for the second quarter of 2008 and $50.1 million for the first half of 2008, as compared to revenues of $13.9 million and $24.6 million for the respective periods in 2007. Stated revenue for the first half of 2008 included a $1.3 million benefit from changes in accounting estimates relating to prior periods.

"Our strong performance in the first half of the year resulted in growth in all segments, as revenues increased by 99% over the second quarter of 2007 and 104% over the first half of last year," said Tina Nova Bennett, Ph.D., President and CEO of Genoptix. "Expanding our sales efforts and improving our ability to provide high quality diagnostic services to a wider audience continues to drive customer growth nationwide. Higher case volumes reflect the success of these initiatives, increasing 77% year-over-year to more than 9,300 cases since the beginning of April, our sixteenth consecutive quarter of solid growth in volumes and in revenues."

The Company also reported GAAP net income of $5.6 million for the second quarter ended June 30, 2008 and $10.6 million for the first half of 2008 compared to GAAP net income of $3.8 million for the second quarter ended June 30, 2007 and $5.1 million for the first half of 2007. Diluted earnings per share, or EPS, for the second quarter of 2008 was $0.32 based on 17.5 million weighted average common shares outstanding, including the $0.14 impact from increased costs associated with non-cash stock-based compensation expense, resulting from the launch of our employee stock purchase program following our initial public offer
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SOURCE Genoptix, Inc.
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