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

30, 2008, cash generated from operations was $12.9 million, while purchases of capital equipment for the same period totaled $2.6 million. The quarter closed with bad debt expense of 3.0% of total revenues and days sales outstanding of 54 days.

"We closed another quarter of solid execution and superior growth, all while enhancing our capability to reach more customers and the capacity to manage increasing case volumes," said Sam Riccitelli, Genoptix EVP and COO. "Our staff has expanded to include 44 sales representatives and 19 Cartesian hematopathologists on-site to service our more than 850 ordering physicians nationwide, as we continue to effectively pace our expansion relative to our growing customer base."

Performance Outlook

Based on second quarter results and the recent confirmation of Medicare reimbursement rates, Genoptix is adjusting its performance outlook upward for the full-year 2008, and now expects revenues of between $105 and $108 million, up from the most recent guidance of between $90 and $95 million, which was provided following the first quarter of 2008.

Net income expectations for the year are moving up from the previously provided range of between $15 and $17 million to approximately $20 million for the year, assuming an average annual tax rate of 5%. This includes the impact of an estimated $7 million in non-cash stock-based compensation for 2008, an increase resulting primarily from expenses associated with the initiation of the Company's equity incentive programs. Diluted GAAP EPS, which includes non-cash stock-based compensation of approximately $0.40 per share, is now expected to be between $1.11 and $1.16 on an estimated 17.6 million shares for the full year 2008.

Based on continued infrastructure expansion and implementation of its strategic plan, the Company is now projecting capital expenditures of approximately $11.0 million for the full-year 2008, up from prior estimates of approximately $6.0 millio
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SOURCE Genoptix, Inc.
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