Net income was $5.9 million for the first quarter of 2009, compared to net income of $5.0 million for the first quarter of 2008. Diluted earnings per share, or EPS, for the first quarter of 2009 was $0.33 based on 17.8 million weighted average common shares outstanding. This compares to EPS of $0.29 for the first quarter of 2008, which would have been reduced by approximately $0.13 if taxed at the current rate.
As of March 31, 2009, the Company's total cash, cash equivalents and investment securities were $111.5 million. For the first quarter of 2009, cash generated from operations was $5.3 million, while purchases of capital equipment for the same period totaled $1.6 million. The first quarter of 2009 ended with bad debt expense at approximately 3% of total revenues and days sales outstanding of 67 days, down from 71 days in the first quarter of 2008.
"We have continued to develop and strengthen the organization in the first quarter, moving forward with our growth initiatives and our hiring plan. In the first quarter, our sales team grew to 62 field representatives, up from 55 at the end of 2008 and moving us closer to our goal of 85 representatives by the end of 2009," said Sam Riccitelli, Genoptix EVP and COO. "We also increased the size of the Cartesian Medical Group, bringing the total number of hematopathologists to 26 and keeping us on track toward our goal of housing approximately 37 physicians by year-end."
Revised 2009 Performance Outlook
For the full-year 2009, Genoptix expects revenues of between $170 to $175 million, up from previous expectations of approximately $170 million, with gross margins in the high-fiftieth percentile.<
|SOURCE Genoptix, Inc.|
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