CARLSBAD, Calif., Feb. 25 /PRNewswire-FirstCall/ -- Genoptix, Inc. , a specialized laboratory services provider, today reported revenues of $49.1 million and $184.4 million for the fourth quarter and full year of 2009, respectively. Net income was $7.4 million, or $0.41 per diluted share, and $30.6 million, or $1.71 per diluted share, for the fourth quarter and full year 2009, respectively.
Fourth Quarter 2009 Performance
Fourth quarter revenues of $49.1 million include a $2.0 million benefit from changes in accounting estimates resulting primarily from cash collections related to prior period revenue. Fourth quarter revenues increased 45% over revenue of $34.0 million for the comparable period in 2008, which included a $2.2 million benefit from changes in accounting estimates.
Net income was $7.4 million for the fourth quarter of 2009, or $0.41 diluted earnings per share (EPS), based on 18.2 million weighted average common shares outstanding and a tax rate of 48%. This compares to net income of $5.4 million for the fourth quarter of 2008, or EPS of $0.30, based on 17.8 million weighted average common shares outstanding and a tax rate of 43%.
Full-Year 2009 Performance
Revenues for full-year 2009 totaled $184.4 million, including a $7.4 million benefit from changes in accounting estimates resulting primarily from cash collections related to revenue from prior years. Full-year 2009 revenues increased 59% over revenues of $116.2 million for the comparable period in 2008, which included a $3.3 million benefit from changes in accounting estimates.
Net income was $30.6 million for the full-year 2009, or EPS of $1.71, based on 18.0 million weighted average common shares outstanding and a tax rate of 45% for the year. This compares to net income of $31.4 million for the full-year 2008, including a one-time net benefit of $14.9 million, resulting primarily from the recognition of deferred tax assets in 2008. Full-year 2008 EPS was $1.78, which would have been reduced by $0.86 if taxed at the comparable rate of 45%.
“We ended the year with new customers, new employees, and new facilities, all factors in our success in 2009. It is our goal to continue to expand our customer reach throughout 2010, in part with the introduction of new solid tumor testing and products like our NexCourse offering,” said Sam Riccitelli, Genoptix EVP and COO. “We are also making great progress on our hiring initiatives, ending the year with 80 sales representatives in the field. We continue to grow operationally as well, with 35 hematopathologists currently on staff with Cartesian Medical Group and plans for continued hiring as the year progresses.”
Operating margins for 2010 are expected to be in the low- to mid-twentieth percentile, with net income of approximately $33 million and diluted EPS between $1.80 to $1.85 on 18.3 million shares. This assumes a tax rate of approximately 44% for the year.
Conference Call Information
A conference call will take place today, February 25, 2010, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), hosted by President and CEO, Tina S. Nova, Ph.D., and other members of senior management. To access the live conference call via phone, dial 866-578-5784 in the U.S. or Canada and 617-213-8056 for international callers. Please specify to the operator that you would like to join the “Genoptix Fourth Quarter and Full-Year 2009 Earnings Conference Call.” The participant code for the call is 55554709. If you are unable to listen to the live webcast, a replay of the call will be available through Thursday, March 4, 2010. Interested parties can access the rebroadcast by dialing 1-888-286-8010 or 1-617-801-6888 internationally and entering the reservation number 41371647.
About Genoptix, Inc.
Genoptix is a leading specialized laboratory service provider focused on delivering personalized and comprehensive diagnostic services to its physician customers, community-based hematologists and oncologists. On the forefront of personalized diagnostic services, Genoptix’s highly trained group of hematopathologists utilize sophisticated technology to provide integrated testing and actionable diagnostic reports. Its primary diagnostic services are designed to optimize the care of patients suffering from hematomalignancies, or cancers of the blood and bone marrow, including leukemia and lymphoma. Founded in 1999, Genoptix completed its initial public offering in November 2007 and is headquartered in Carlsbad, California. For more information, please visit www.genoptix.com.
Genoptix, Inc.
