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Genoptix Reports Strong Financial Results for the Third Quarter and Raises Guidance for Full-Year 2008
Date:11/6/2008

Company Reports Seventeenth Consecutive Quarter Of Growth In Revenues

CARLSBAD, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory services provider, today reported revenues of $32.1 million for the third quarter of 2008, which includes a $2.5 million benefit from changes in accounting estimates relating to prior periods. This compares to revenues of $16.2 million for the same period in 2007, including $612 thousand from changes in prior period estimates. For the first nine months of 2008, revenues were $82.2 million, up from $40.8 million for the respective period in 2007.

"We are proud of our continuing success as we delivered another quarter of robust performance, achieving increases of 98% in revenues over the third quarter of 2007 and 102% over the first nine months of last year," said Tina S. Nova, Ph.D., President and CEO of Genoptix. "This growth is driven by our commitment to providing high quality diagnostic services to a greater number of customers nationwide. Our expanded sales efforts have once again resulted in our diagnosing a greater number of cases, which increased to nearly 9,900 since the beginning of July, our seventeenth consecutive quarter of solid growth in revenues and the number of patients served."

The Company also reported GAAP net income of $15.4 million for the third quarter ended September 30, 2008 and $26.0 million for the first nine months of 2008, compared to GAAP net income of $3.6 million and $8.7 million for the three and nine months ended September 30, 2007. Diluted earnings per share, or EPS, for the third quarter of 2008 was $0.87 based on 17.8 million weighted average common shares outstanding, including a $0.35 net benefit resulting
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SOURCE Genoptix, Inc.
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