Genoptix 4th-quarter profit and revenue surges, announces deal with Aetna

Genoptix 4Q profit climbs 38 percent

CARLSBAD, Calif. — Genoptix Inc. said Thursday its fourth-quarter profit rose 38 percent as demand for its diagnostic services increased.

The company said its profit grew to $7.4 million, or 41 cents per share, from $5.4 million, or 30 cents per share, a year earlier. Revenue climbed 45 percent to $49.1 million from $34 million. According to Thomson Reuters, analysts expected a smaller profit of 35 cents per share and revenue of $48.8 million.

Genoptix also said it entered a three-year partnership with health insurer Aetna Inc. Starting April 1, Genoptix will be part of Aetna’s testing network and offer laboratory and diagnostic services to improve treatment for patients with cancers of the blood and bone marrow, such as leukemia and lymphoma.

Financial terms of the agreement were not disclosed.

The company said its profit fell 2 percent in 2009, to $30.6 million, or $1.71 per share, from $31.4 million, or $1.78 per share. Its revenue grew 59 percent to $184.4 million from $116.2 million.

Genoptix’s profit in 2008 was boosted by an income tax benefit.

In 2010, the company said it expects to earn between $1.80 to $1.85 per share. It raised its revenue estimate to a range of $235 million to $240 million. Previously it called for $235 million in revenue.

Analysts are projected a profit of $1.90 per share and $238.1 million in revenue.