Friday, January 29, 2010

Where I am At After Almost 4 Years

I started my MFI portfolio 2/28/06, coming up on 4 years. Take a peek at my chart... sadly back underwater again.


Obviously a little tough skiing recently. At 1/8/10 I was actually up 5.4%, now I am down 3.8%. That is pushing 10% and I avoided a bit of additional pain by selling QXM around $3.70 a week ago and now they're down to $2.45 (whew).

I did buy a new stock yesterday, GXDX, which seems like a mini Quest Diagnostics (which I owned a couple years ago). They are a blowing and going company, it was surprising to see them on the list. You can see they had a temporary (I hope) fall from grace:

PRICES

DateOpenHighLowCloseVolumeAdj Close*
28-Jan-1030.2931.0530.2630.95374,40030.95
27-Jan-1030.1830.6129.8630.18379,60030.18
26-Jan-1030.7530.8929.1030.411,801,70030.41
25-Jan-1033.6434.0132.4132.60399,10032.60
22-Jan-1034.0734.5133.5033.56170,10033.56
21-Jan-1034.8135.0433.6634.16217,50034.16
20-Jan-1035.0035.2634.1234.90199,90034.90
19-Jan-1035.3935.7234.9735.06169,30035.06

But look at their guidance:

Performance Outlook

Recognizing the strength of our collection efforts and financial results in the third quarter, Genoptix expects revenues for the full-year 2009 of approximately $180 million with full-year gross margins of approximately 60%.

Operating margins for 2009 are expected to be in the mid- to high-twentieth percentile, with net income of approximately $29 million, up from prior estimates of approximately $25 million. Diluted EPS for the full-year 2009 is now expected to be approximately $1.60, increasing from a prior range of $1.40 to $1.45, on about 18.0 million shares. This assumes a tax rate of approximately 44%, down from initial estimations of 45%.

Based on continued infrastructure expansion and implementation of its strategic plan, the Company projects capital expenditures of $8.5 million for the full-year 2009, which includes approximately $4.5 million in maintenance capital. A planned laboratory expansion beginning this quarter is now expected to cost approximately $9.5 million, with approximately $4 million to be spent in 2009 and the remainder in the first half of 2010.

For 2010, revenues are expected to grow to approximately $235 million. The Company intends to provide more detailed guidance in February when reporting results for the fourth quarter and full-year 2009.

I mean look at the growth, 180m to 235m. They have an impeccable balance sheet. Here are their stats a couple of days ago when they came on the list:



gxdx
+ Operating Income After Depreciation 48.64
- Minority Interest - Income Account -
= Income for Calculation 48.64

Diluted Shares Outstanding 17.965

Share Price 30.18
+ Market Cap Calc 542.18
+ Preferred Capital -
+ Debt in Current Liabilities -
+ Long-Term Debt -

Cash and Short-Term Investments 137.79
- Excess Cash 137.79
= Enterprise Value 404.40






+ Property Plant and Equipment - Net 12.76
+ Receivables 23.53
+ Inventories -
+ Other Current Assests 7.49
+ Working Cash -
- Accounts Payable 9.51
- Current Liabilities - Other 8.98
= Invested Capital 25.29
Earnings Yield 12%
ROIC 192%

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