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

ing, or IPO. Diluted EPS was $0.60 for the first half of the year, including $0.19 of non-cash stock-based compensation expense.

The Company completed its IPO on November 2, 2007. On a pro forma basis, assuming conversion of all outstanding preferred stock, diluted EPS for the three and six months ended June 30, 2007 would have been $0.30 and $0.40, respectively (see "Pro Forma Net Income Per Share" table below).

Gross profit for the second quarter of 2008 improved 94% to $16.6 million from $8.6 million for the second quarter of 2007, or 59.7% of revenues as compared to 61.3% of revenues, respectively. Gross margins reflect the impact of additional costs associated with stock-based compensation and the investment in additional personnel to support our growing operations. For the first half of 2008, gross profits totaled $29.7 million, improving 104% as compared to $14.6 million for the same period in 2007, with gross profit at approximately 59.3% of revenues for the first half of 2008 being effectively flat year-over-year.

Operating expenses for the second quarter of 2008 increased to $11.4 million from $4.7 million in the second quarter of 2007 and to $20.4 million in the first half of 2008 from $9.3 million during the same period in 2007. These expenses were higher primarily due to investment in additional personnel to support organizational growth efforts, stock-based compensation expense and the increased costs associated with operating as a public company. Operating income for the second quarter of 2008 was $5.2 million, or 18.6% of revenues, as compared to $3.9 million, or 27.7% of revenues, during the same period in 2007. Operating income was $9.3 million, or 18.6% of revenues for the first half of 2008, up from $5.2 million, or 21.3% of revenues, for the first half of 2007.

As of June 30, 2008, the Company's cash and cash equivalents and investment securities available-for-sale totaled $96.1 million. For the six months ended June
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SOURCE Genoptix, Inc.
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