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

ome for the third quarter of 2010 was $9.0 million, or 18% of revenue, compared to operating income of $16.4 million, or 32% of revenue, for the same period in 2009. The reduction in margins is primarily due to the increase in costs related to the new laboratory facility brought into service at the end of the second quarter of 2010, increases in personnel, and the reduction in changes in revenue accounting estimates.

Net income was $4.4 million for the third quarter of 2010, or $0.24 diluted earnings per share (EPS), based on 18.1 million weighted average common shares outstanding and a tax rate for the quarter of 52%. This compares to net income of $9.5 million for the third quarter of 2009, or EPS of $0.53, based on 18.0 million weighted average common shares outstanding and a tax rate of 43%.

Year-To-Date Results  Revenues for the first nine months of 2010 totaled $147.9 million, including a $3.8 million benefit from changes in accounting estimates resulting primarily from strong cash collections related to prior years. This is an increase of approximately 9% over revenues of $135.3 million for the comparable period in 2009, which included a $6.4 million benefit from similar changes in accounting estimates. When excluding changes in accounting estimates for each period, revenues for the first nine months of 2010 increased by approximately 12% year-over-year.

Gross profit for the first nine months of 2010 was $87.5 million, up from $84.7 million for the same period in 2009. As a percentage of revenues, 2010 year-to-date gross margin was 59% of revenues as compared to 63% of revenues for the first nine months of 2009. Operating income for the first nine months of 2010 was $29.0 million, or 19% of revenues, compared to operating income of $39.9 million, or 30% of revenues, for the same period in 2009. The reduction in margins is primarily due to the increase in costs related to the new laboratory facility brought into service at the en
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SOURCE Genoptix, Inc.
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