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Gen-Probe Posts Double-Digit Q2 Revenue Growth

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Gen-Probe reported after the close of the market Thursday that its second-quarter revenues increased 15 percent year over year, with strong growth from both its clinical diagnostics and blood screening businesses.

The San Diego-based molecular diagnostics firm brought in total revenues of $138.6 million for the three-month period ended June 30, up from $120.5 million for the second quarter of 2009. It reported clinical diagnostics revenues of $73.9 million, up 10 percent from $67.4 million, and blood screening revenues of $55.7 million, up 22 percent from $45.8 million. Revenues for its research products and services were down 11 percent at $3.2 million versus $3.6 million.

Analysts, on average, had expected revenues of $137 million for the quarter.

Gen-Probe posted net income of $28.1 million, or $.38 per share, up from $19.8 million, or $.38 per share, for Q2 2009. The firm's non-GAAP EPS was $.52, beating analysts' consensus estimate of $.49.

"We made important progress on four US regulatory filings and three European product launches that we expect to create an important new product cycle over the balance of this year and into 2011," Gen-Probe President and CEO Carl Hull said in a statement.

Gen-Probe noted that its clinical diagnostics sales growth was driven by its Aptima Combo 2 assay for detecting chlamydia and gonorrhea, as well as products sold by Prodesse, which Gen-Probe acquired late last year for $60 million.

Its R&D spending increased nearly 4 percent to $27.1 million from $26.1 million year over year, while its SG&A expenses declined 3 percent to $30.8 million from $31.8 million.

Gen-Probe finished the quarter with $174.9 million in cash and cash equivalents, and $288.7 million in marketable securities.

The firm retained its full-year EPS guidance of between $2.12 and $2.25. However, Gen-Probe lowered the top of its revenue estimate by $3 million, providing a new estimate range of $545 million to $562 million for FY 2010.

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