NEW YORK (GenomeWeb News) – Gen-Probe reported on Tuesday that its revenues increased around 10 percent for the fourth quarter of 2008, with sales growth coming from both its clinical diagnostics and blood screening products.
The San Diego-based molecular diagnostics firm brought in total revenues of $109.1 million for the quarter ended Dec. 31, compared to revenues of $98.9 million in the fourth quarter of 2007.
Product sales increased 15 percent to $105.8 million from $92.4 million, and collaborative research revenues dipped to $2.1 million from $5.4 million year over year. It brought in around $57.7 million from clinical diagnostics sales, up 16 percent from $49.7 million in 2007, and blood screening products sales rose 13 percent to $48.1 million from $42.7 million.
Gen-Probe's net income rose three percent to $21.1 million, or $.39 per share, from $20.4 million, or $.37 per share, year over year.
R&D spending was nearly flat for the quarter at $24.2 million, compared with $24.3 million in the year-ago period. Its SG&A spending rose around 8 percent to $25.6 million from $23.6 million.
For full-year 2008, Gen-Probe had revenues of $472.7 million, up 17 percent from revenues of $403 million for 2007. Its clinical diagnostics sales increased 12 percent to $222.9 million from $199.2 million, while its blood screening products sales rose 20 percent to $206.3 million from $171.7 million.
The firm's profit increased 24 percent to $107 million, or $1.95 per share, from $86.1 million, or $1.58 per share. Its R&D costs were $101.1 million versus $97.1 million in 2007, while its SG&A spending increased to $98.2 million from $86.9 million.
Gen-Probe finished the year with $60.1 million in cash and cash equivalents and $445.1 million in short-term investments.
For full-year 2009, the company is guiding for total revenue of between $460 million and $490 million and EPS of between $1.80 and $2.05.