For its IPO, Genoptix Medical Laboratory (NASDAQ: GXDX) set a price range of $14-$16. Well, it was too low. That is, the offering was priced at $17 and, more importantly, the stock price is up 53% to $26 in today's active trading. The lead underwriter is Lehman (NYSE: LEH).
Genoptix provides high-end diagnostic services for diseases such as leukemia and lymphoma. Such diseases have many varieties and require painful bone marrow samples. In other words, it's critical that the diagnosis is right.
As for Genoptix, it has a state-of-the-art facility and a tremendous system to handle the transport of samples. The company likes to say that it has a "culture of metrics."
And the growth has been impressive. For the first half of 2007, revenues spiked 165% to $24.6 million and there was net income of $5.1 million.
What's more, Genoptix is in the early stages of its market, with a 3% share. The company believes the addressable market opportunity is more than $1 billion.
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Tom Taulli is the author of various books, including The Complete M&A Handbook
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