This excerpt taken from the GXDX 8-K filed Jul 30, 2009.
Company Reports Record Revenues of $45.3 Million For The Quarter
CARLSBAD, Calif. July 30, 2009 - Genoptix, Inc. (NASDAQ: GXDX), a specialized laboratory services provider, today reported revenues of $45.3 million for the second quarter of 2009, which includes a $3.7 million benefit from changes in accounting estimates resulting primarily from strong cash collections related to prior periods. Second quarter revenue increased 62.8% over revenues of $27.8 million for the comparable period in 2008, which included a $864 thousand benefit from changes in accounting estimates resulting primarily from cash collections related to prior periods.
This has been another season of continued growth and record operating performance as we managed more than 14,200 patient cases in the second quarter, an increase of 52.3% from the number of cases managed during the same period in 2008, said Tina S. Nova, Ph.D., President and CEO of Genoptix. Our unique physician-directed approach to testing and diagnosis is driving increased demand for our services as we continue to expand our customer base. By the end of June we were servicing approximately 1,250 community physicians across the country.
Gross profit for the second quarter of 2009 was $28.5 million, or 63.0% of revenues, up from $16.6 million, or 59.7% of revenues, for the second quarter of 2008. Operating income for the second quarter of 2009 was $13.4 million, or 29.6% of revenues, compared to operating income of $5.2 million, or 18.6% of revenues, for the same period in 2008.
Net income was $7.9 million for the second quarter of 2009, on a tax rate of 43.1%, compared to net income of $5.6 million for the second quarter of 2008, when taxed at a rate of 5.1%. Diluted earnings per share, or EPS, for the second quarter of 2009 was $0.44 based on 17.8 million weighted average common shares outstanding. This compares to EPS of $0.32 for the second quarter of 2008, which would have been reduced by approximately $0.13 if taxed at the current rate.
As of June 30, 2009, the Companys total cash, cash equivalents and investment securities were $126.7 million. Cash generated from operations was $14.3 million for the second quarter of 2009, with bad debt expense at approximately 3% of total revenues and days sales outstanding of 54 days, consistent with the comparable prior year period.