Specialized laboratory services provider Genoptix Inc. (GXDX) announced Wednesday its earnings and revenue forecast for the second quarter, which are below Wall Street view. The company also lowered its fiscal 2010 guidance.Second-quarter earnings are projected to be about $0.30 per share, an increase of 3.4% over the first quarter of 2010.
On average, 10 analysts polled by Thomson Reuters expect earnings per share of $0.40 for the quarter, with estimates ranging between $0.35 and $0.47 per share. Analysts’ estimate typically excludes one-time items.
Based on quarterly performance to-date, revenues in the second quarter are expected to be around $50.4 million, a 6% increase from the sequential first quarter of 2010. Seven analysts’ consensus revenue estimate is $53.34 million for the quarter.
In its preceding first quarter, the company had reported net income of $5.3 million or $0.29 per share, on revenues of $47.4 million.
Further, Genoptix revised down its fiscal 2010 forecast, and now expects earnings to be around $1.20 per share, compared to its previous guidance of $1.80 to $1.85 per share. Ten analysts project earnings of $1.77 per share for the full year.
The company also cut its revenue guidance to around $210 million from previous revenue outlook of $235 million to $240 million. The latest forecast reflects 14% year-over-year growth, and includes about $750 thousand in benefits from changes in accounting estimates per quarter for the remaining three quarters of the year. Nine analysts anticipate 2010 revenues of $228.82 million.
Operating income percentage is expected to be in the high-teens for the year.Commenting on the outlook, President and Chief Executive Officer Tina Nova, said, “Demand for our personalized diagnostic services continues to expand, even as we face the challenges of the changing healthcare environment. To meet this growing demand we remain focused on strengthening our nationwide sales organization, growing from 77 to 89 sales representatives so far in the second quarter. We expect to realize economies of scale as we continue to grow toward our goal of a 15-20% share of the bone marrow market in the U.S. by 2015.”
Genoptix will complete its previously announced laboratory expansion by this July and new customer service facility later in the year.
Nova added that the company’s growth is expected to slow as the market moves through the current transition. Over the long term, the company remains confident in its ability to take advantage of the market’s preference for its high-quality diagnostic offerings.
GXDX closed Tuesday’s regular trading session at $22.88, up $0.82, on a volume of 461,300 shares.
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