Fourth Quarter 2008
Gross profit for the fourth quarter of 2008 was $20.7 million, up from $11.0 million for the fourth quarter of 2007, or 60.9% as compared to 59.3%, respectively.
Operating expenses for the fourth quarter of 2008 increased to $12.0 million from $6.9 million in the fourth quarter of 2007. The increase in expenses was driven by investment in infrastructure and personnel to support rapid organizational growth and the costs associated with operating as a public company. Operating income for the fourth quarter of 2008 was $8.7 million, or 25.6% of revenues, as compared to operating income of $4.1 million, or 22.3% of revenues, for the same period in 2007.
The fourth quarter of 2008 was the first full quarter in which the Company operated as a fully taxed corporation, following the recognition of the remaining deferred tax assets at the end of the third quarter of 2008.
Our tax rate of 43.3% for the fourth quarter resulted in GAAP net income of $5.4 million for the fourth quarter of 2008, compared to GAAP net income of $4.7 million for the fourth quarter of 2007. Diluted earnings per share, or EPS, for the fourth quarter of 2008 was $0.30 based on 17.8 million weighted average common shares outstanding.
Full Year 2008
For the full-year 2008, gross profits totaled $70.2 million, or 60.5%, as compared to $35.2 million for 2007, or 59.4%.
Operating expenses were $43.6 million for the full-year 2008, up from $22.2 million for full-year 2007. These expenses were higher primarily due to the investment in additional personnel to support our revenue growth, increased stock-based compensation expense and the costs associated with operating as a public company. Operating income for 2008 was $26.6 million, or 22.9% of revenues, compared to $13.0 million, or 22.0% of revenues,
|SOURCE Genoptix, Inc.|
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