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Genoptix Reports Operating Results for the Third Quarter and First Nine Months of 2010
Date:11/4/2010

CARLSBAD, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Genoptix, Inc. (Nasdaq: GXDX), a specialized laboratory services provider, today reported revenues of $49.5 million for the third quarter of 2010. Net income was $4.4 million or $0.24 per diluted share for the quarter.

"We have managed more than 46,000 patient cases year-to-date, a 10% increase in case volumes, and a 9% improvement in revenues over the same period in 2009," said Tina S. Nova, Ph.D., President and CEO of Genoptix. "We ended the third quarter with over 1,350 actively ordering physician customers, a population we hope to grow as our team continues to provide high quality diagnostic services in oncology and hematomalignancy testing."  

"This quarter, we plan to introduce our first proprietary offering utilizing HistoRX's AQUA® Technology for the analysis of fluorescent immunohistochemistry, which will enable quantitative assessment of ER/PR/HER 2 for patients with breast cancer," Dr. Nova continued. "With the introduction of these tests licensed exclusively from HistoRX on the AQUA platform, we are taking another step toward providing more comprehensive services to our physician customers and their patients."

Third quarter revenues of $49.5 million include a $1.6 million benefit from changes in accounting estimates resulting from cash collections in excess of revenue recognized in prior periods. Third quarter revenue decreased 3% from revenue of $50.8 million for the comparable period in 2009, which included a $4.4 million benefit from changes in accounting estimates. When excluding changes in accounting estimates for each period, third quarter 2010 revenues increased by approximately 3% year-over-year.

Gross profit for the third quarter of 2010 was $28.4 million, or 57% of revenue, as compared to $32.4 million, or 64% of revenue, for the third quarter of 2009. Operating inc
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