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Genoptix Reports Strong Full-Year Financial Results for 2008 and Raises Guidance for 2009
Date:2/26/2009

Annual Revenues Increase 96% In First Full Year As A Public Company

CARLSBAD, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory services provider, today reported revenues of $34.0 million for the fourth quarter of 2008, which includes a $2.2 million benefit from changes in accounting estimates relating to prior periods. This is an increase of approximately 83.0% over revenues of $18.6 million for the comparable period in 2007, which includes a $456 thousand benefit from similar changes in accounting estimates. For the full-year ended December 31, 2008, the Company reported revenues of $116.2 million, which includes a $3.3 million benefit from changes in accounting estimates relating to prior years. This represents an increase of approximately 95.8% over revenues of $59.3 million, which includes a $792 thousand benefit provided by changes in accounting estimates, for 2007.

"Our performance in the fourth quarter and full-year 2008 demonstrates the value offered by our service oriented approach to diagnostics. Our strategy to distinguish ourselves by delivering superior value to our customers has resulted in another quarter of exceptional growth in the number of community physicians we serve, enabling us to end the year with approximately 6% of the bone marrow testing market, up from just under 4% at the end of 2007," said Tina S. Nova, Ph.D., President and CEO of Genoptix. "This increase in customers was a primary driver of our growth overall, as we provided services for more than one thousand community physicians and managed nearly 39,000 patient cases during 2008. We intend to continue growing this market share by adding sales, medical and support personnel throughout the coming year in support of our goal to provide the highest quality diagnostic services to our physician cust
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SOURCE Genoptix, Inc.
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