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

the nine months ended September 30, 2008, cash generated from operations was $23.4 million, while purchases of capital equipment for the same period totaled $7.0 million. The quarter ended with bad debt expense at 3% of total revenues and average days sales outstanding of 53 days.

"Our recent facilities expansion, coupled with recruiting and hiring efforts, is expected to nearly double our capacity to manage the increasing number of patient cases, supporting our continued growth for the foreseeable future," said Sam Riccitelli, Genoptix EVP and COO. "We have added eight new sales representatives during the quarter, bringing the total number to 52 and nearing our goal for the year. We also welcomed six additional hematopathologists to our Cartesian medical group. This brings our group to a total count of 25 on-site professionals to service our more than 950 currently ordering physicians nationwide, as we continue to effectively pace our expansion relative to our growing customer base."

Performance Outlook

Based on results over the past nine months, Genoptix is adjusting its performance outlook upward for the full-year 2008. The Company now expects revenues of approximately $112 million, up from the most recent guidance of between $105 and $108 million.

Net income expectations for the year are now approximately $29 million, which includes the $5.8 million net tax benefit recognized in the first nine months of the year and assumes a tax rate of approximately 45% in the fourth quarter of 2008. This guidance also incorporates an estimated $7 million in non-cash stock-based compensation for 2008.

The Company now expects diluted GAAP EPS for the full year 2008 to be between $1.60 and $1.65 on an estimated 17.7 million shares. This includes $0.33 per share of net tax benefit recognized in the first nine months of the year.

Based on continued infrastructure expansion and implementation of its strategic plan, the Company continues to
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SOURCE Genoptix, Inc.
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