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

for 2007.

Net income for the full-year 2008 was $31.4 million, up from $13.4 million for the full-year 2007. Diluted EPS for 2008 was $1.78, based on 17.7 million weighted average common shares outstanding, including net benefits resulting primarily from the recognition of deferred tax assets during the year.

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 quarter and year ended December 31, 2007 would have been $0.29 and $0.99, respectively (see "Pro Forma Net Income Per Share" table below).

As of December 31, 2008, the Company's total cash, cash equivalents and investment securities were $107.1 million, of which $4.1 million was classified as long-term. For the full-year 2008, cash generated from operations was $28.2 million, while purchases of capital equipment for the same period totaled $9.6 million. The year ended with bad debt expense at approximately 3% of total revenues and days sales outstanding of 53 days.

"We accomplished a great deal in 2008, our first full year operating as a public company. From our recent facilities expansion and the move into new administrative offices to our successful recruiting efforts and hiring of 126 new employees, managing growth to ensure our continued high quality service has been our central focus," said Sam Riccitelli, Genoptix EVP and COO. "We will continue to develop and strengthen our organization by hiring key mid-level management and adding the structure necessary to support our sales team and operational staff. Throughout 2008, we welcomed 11 hematopathologists to our Cartesian Medical Group, meeting our goal of housing 25 physicians at year-end. In 2008, our sales team expanded to a total of 65 people, 55 of which are field sales representatives who will help us to pursue our objective of capturing 15 - 20% of the bone marrow market share
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SOURCE Genoptix, Inc.
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