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Gen-Probe Posts 18 Percent Rise in Q2 Revenues

NEW YORK (GenomeWeb News) – Gen-Probe reported after the close of the market Thursday that its second-quarter revenues increased 18 percent year over year, while its profits dropped 8 percent due to a lower tax rate in the prior year.
 
The San Diego-based molecular diagnostics firm brought in revenues of $119.8 million compared to $101.3 million in the second quarter of 2007. Product sales were $113.7 million versus $93.9 million the year before, while collaborative research revenue was $4.7 million compared to $5.8 million. The company’s royalty and license revenue was $1.5 million versus $1.6 million.
 
Sales of clinical diagnostic products rose 14 percent to $57.2 million from $50.1 million, and sales of blood screening products jumped 29 percent to $56.5 million from $43.8 million.
 
Gen-Probe’s net earnings dipped to $24.8 million, or $.45 per share, from $27 million, or $.50 per share, due to a reduction in income tax expense last year of $8.7 million, or $.16 per share. That benefit was due to the completion of an IRS audit of the firm’s 2003 and 2004 federal tax returns. In the most recent quarter, Gen-Probe’s net income benefited from a reduction in income tax expense of around $1 million, or $.02 per share, due to the completion of an audit of its 2005 federal tax return.
 
The firm’s R&D expenses for the quarter climbed 17.6 percent to $29.4 million from $25 million, while its SG&A expenses increased 16.7 percent to $25.1 million from $21.5 million.
 
Gen-Probe finished the quarter with $33.5 million in cash and cash equivalents.
 
Due to its second-quarter results, Gen-Probe raised its full-year 2008 revenue guidance to between $467 million and $472 million compared to its previous estimate range of $450 million to $455 million. It also raised its EPS guidance to between $1.83 and $1.87 from between $1.72 and $1.76.
 
In early Friday trade on the Nasdaq, shares of Gen-Probe rose 8.6 percent to $57.90.
 

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