Genoptix Reports Continued Strong Growth for the Third Quarter and First Nine Mont...(er 30 2009 the Company's total cash cash...),Health

Date:11/5/2009

er 30, 2009, the Company's total cash, cash equivalents and investment securities were $141.9 million. Cash generated from operations was $14.0 million for the third quarter of 2009, with days sales outstanding of 51 days, as compared to 56 days at the end of the third quarter of 2008.

2009 Year-To-Date Performance

Revenues for the first nine months of 2009 totaled $135.3 million, including a $6.4 million benefit from changes in accounting estimates resulting primarily from strong cash collections related to revenue from prior years. This is an increase of 65% over revenues of $82.2 million for the comparable period in 2008, which included a $2.2 million benefit from changes in accounting estimates.

Gross profit for the first nine months of 2009 was $84.7 million, or 63% of revenues, up from $49.5 million, or 60% of revenues, for the first nine months of 2008. Operating income for the first nine months of 2009 was $39.9 million, or 30% of revenues, compared to operating income of $17.9 million, or 22% of revenues, for the same period in 2008.

Net income was $23.3 million for the first nine months of 2009, or EPS of $1.30, based on 17.9 million weighted average common shares outstanding and a tax rate of 44%. This compares to net income of $26.0 million for the first nine months of 2008, or EPS of $1.48, which would have been reduced by $0.84 if taxed at the comparable rate of 44%.

For the first nine months of 2009, cash generated from operations was $33.6 million, while purchases of capital equipment for the same period totaled $3.2 million. Bad debt expense for the first nine months of 2009 was 2% of revenue, as compared to 3% for the same period in 2008.

"It was another quarter of solid performance as we continued to fine-tune our operations and drive new business while maintaining our signature high-quality service offering," said Sam Riccitelli, Genoptix EVP and COO. "We made gr
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SOURCE Genoptix, Inc. Copyright©2009 PR Newswire. All rights reserved

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