Thursday after the bell, laboratory services provider Genoptix Inc. (GXDX) reported a 41% growth in net income, which whizzed past analysts' expectations, driven by increased demand for its services and expanding customer base. Investors cheered the news sending the stock up 9.77% in after-hours trading.
The company's net income for the quarter was $7.9 million or $0.44 per share, up from $5.6 million or $0.32 per share in the comparable quarter a year before. The recent second-quarter net income is taxed at 43.1% rate, while the year-ago quarterly net income was taxed at a rate of 5.1%. On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.31 per share.
Revenue for the quarter rose to $45.3 million from $27.8 million in the year-ago comparable quarter. The revenue for the second quarter of 2009 includes a $3.7 million benefit from changes in accounting estimates, while the year-ago quarterly revenue included a $864 thousand benefit from changes in accounting estimates. Wall Street analysts had a consensus revenue estimate of $42.38 million.
The company noted that it managed over 14,200 patient cases in the second quarter of 2009, an increase of 52.3% from the number of cases managed during the same period in 2008.
For the first-half of 2009, the company's net income was $13.8 million or $0.77 per share, compared to $10.6 million or $0.60 per share in the year-ago comparable period.
Revenues for the first six months of of 2009 totaled $84.5 million, an increase of 68.6% over $50.1 million reported in the comparable period in 2008.
Buoyed by the second-quarter results, the company boosted its full-year 2009 earnings forecast to $1.40 - $1.45 per share range from its prior outlook of $1.20 to $1.25 per share. The revised earnings outlook is based on an estimated tax rate of approximately 44%, down slightly from initial estimations of 45%.
Genoptix also increased its revenue guidance for the full-year 2009 to a range of $175 million - $180 million from its previous outlook of approximately $170 million - $175 million. Wall Street analysts expect the company to earn $1.33 per share, on revenue of $175.16 million.
The company noted that a planned laboratory expansion will begin later this year and is expected to cost approximately $4 million in 2009 and an additional $4 million in the first quarter of 2010.
GXDX, which has thus far hit a 52-week low of $24.15 and 52-week high of $41.71, closed Thursday's trade at $27.23 on a volume of 413,578 shares. In after-hours, the stock gained 9.77% and was at $29.89.
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