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Gen-Probe's Q3 Revenues Rise 19 Percent

NEW YORK (GenomeWeb News) – Gen-Probe reported after the close of the market Thursday that its third-quarter revenues increased 19 percent due to a double-digit increase in product sales and a milestone payment from Chiron.
The San Diego-based molecular diagnostics firm brought in total revenues of $121.2 million for the three-month period ended Sept. 30, compared to revenues of $101.7 million in the third quarter of 2007.
Product sales increased 11 percent to $108.3 million from $97.4 million, and collaborative research revenues more than tripled to $11.3 million from $3.1 million year over year. Gen-Probe received a $10 million milestone payment from Chiron, which was booked as collaborative research revenue, due to US Food and Drug Administration clearance of the Procleix Ultrio assay on the Tigris system, said Gen-Probe.
Gen-Probe’s net income jumped 68 percent to $29.1 million, or $.53 per share, from $17.3 million, or $.31 per share, year over year.
R&D spending dropped 11 percent year over year to $24.5 million from $27.6 million. The firm said the decrease was due to the purchase last year of human papillomavirus oligonucleotides from Roche. SG&A spending rose around 12 percent to $23.6 million from $21 million.
Gen-Probe finished the quarter with $74.4 million in cash and cash equivalents.
Due to its strong third quarter, the firm raised its full-year 2008 revenue guidance to a range of between $470 million and $472 million from the previous range of $467 million to $472 million. It also raised its EPS guidance to a range of between $1.91 and $1.93 from $1.83 and $1.87.

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