Company Reports Record Revenues of $39.2 Million
CARLSBAD, Calif., April 30 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory services provider, today reported revenues of $39.2 million for the first quarter of 2009, which includes a $2.0 million benefit from changes in accounting estimates relating to prior periods. This is an increase of approximately 76% over revenues of $22.3 million for the comparable period in 2008, which included a $651 thousand benefit from changes in accounting estimates.
"We started 2009 with another quarter of solid performance, reaching a record 1,200 actively ordering physician customers as the appeal of our high quality service offerings continue to drive our growth and expansion of our market share," said Tina S. Nova, Ph.D., President and CEO of Genoptix. "We managed nearly 13,000 patient cases in the first quarter of 2009, an increase of 65% from the first quarter of 2008. As we grow, it is our goal to facilitate personalized medicine by providing clinically relevant and actionable results with exceptional service, a strategy that is at the foundation of our success."
Gross profit for the first quarter of 2009 was $23.8 million, up from $13.1 million for the first quarter of 2008, or 60.6% of revenues as compared to 58.9% of revenues, respectively.
Operating expenses for the first quarter of 2009 increased to $13.6 million from $9.0 million for the first quarter of 2008, an increase driven by investment in infrastructure and personnel to support rapid organizational growth. Operating income for the first quarter of 2009 was $10.1 million, or 25.9% of revenues, as compared to operating income of $4.2 million, or 18.6% of revenues, for the same period in 2008.
Our tax rate was 44.2% for the first quarter, inc
|SOURCE Genoptix, Inc.|
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