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

primarily from the Company's recognition of deferred tax assets as it transitions to a fully taxed rate. Diluted EPS was $1.48 for the first nine months of the year, including a $0.33 net benefit resulting primarily from the one-time recognition of deferred tax assets, based on 17.6 million weighted average common shares outstanding.

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 nine months ended September 30, 2007 would have been $0.28 and $0.68, respectively (see "Pro Forma Net Income Per Share" table below).

Gross profit for the third quarter of 2008 was $19.8 million, up from $9.7 million for the third quarter of 2007, or 62% as compared to 60%, respectively. The benefit from changes in accounting estimates added approximately 3% to the gross margin for the third quarter. For the first nine months of 2008, gross profits totaled $49.5 million, compared to $24.2 million for the same period in 2007, with gross profit of approximately 60% for the first nine months of 2008, consistent with the prior year period.

Operating expenses for the third quarter of 2008 increased to $11.2 million from $6.0 million for the third quarter of 2007, and to $31.6 million for the first nine months of 2008 from $15.3 million during the same period in 2007. These expenses were higher primarily due to investment in additional personnel to support revenue growth, stock-based compensation expense and the increased costs associated with operating as a public company. Operating income for the third quarter of 2008 was $8.6 million, compared to $3.7 million during the same period in 2007. Operating income was $17.9 million for the first nine months of 2008, up from $8.9 million for the first nine months of 2007.

As of September 30, 2008, the Company's total cash and investments were $101.3 million, of which $4.1 million was classified as long-term. For
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SOURCE Genoptix, Inc.
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