Net income was $15.3 million for the first nine months of 2010, or EPS of $0.84, based on 18.2 million weighted average common shares outstanding and a tax rate of 48%. This compares to net income of $23.3 million for the first nine months of 2009, or EPS of $1.30.
As of September 30, 2010, the Company's total cash, cash equivalents, and investment securities were $143.3 million. Cash generated from operations was $23.1 million for the first nine months of 2010, while purchases of capital equipment for the same period totaled $26.3 million. Average days sales outstanding (DSO) was 77 days for the quarter.
"We have realigned our hiring plans for the remainder of the year to be consistent with current levels of business. We now expect to end the year with approximately 95 sales representatives on the team and approximately 48 hematopathologists on staff with Cartesian Medical Group, providing us with the capacity to manage our case load well into 2011," said Sam Riccitelli, Genoptix EVP and COO. "The completion of our year-long expansion is expected to provide the facilities capacity to enable us to double the size of our business in the years to come."
Performance OutlookGenoptix expects revenues for the full-year 2010 between $192 and $195 million with full-year gross margins in the mid- to high-fiftieth percentile.
Full-year operating margins for 2010 are expected to be in the high teens of total revenues, with net income between $17 and $18 million, and diluted EPS between $0.95 and $1.00 on 18.2 million shares. This assumes a tax rate of approximately 48% for the full-year, a rate inflated by an approximate 2.5% one-time increase relating to a change in California tax regulation.
The Company intends to provide detailed guidance on expectations for the coming year early in 2011.
|SOURCE Genoptix, Inc.|
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