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Gen-Probe's Q1 Product Sales Rise 11 Percent

NEW YORK (GenomeWeb News) – Gen-Probe reported after the close of the market on Thursday that its overall revenues declined around 5 percent, but its product sales increased 11 percent year over year.

The San Diego-based molecular diagnostics firm brought in revenues of $116.2 million for the three-month period ended March 31, down from $122.6 million for the first quarter of 2008. However, Gen-Probe noted that the Q1 2008 results included the last of three payments to the firm from Bayer related to patent infringement litigation, which had added $16.4 million in revenue.

Gen-Probe's product sales for the period were $112.5 million versus $101.5 million for the first quarter of 2008. Its collaborative research revenue was $1.7 million versus $2.5 million the year before, and its royalty and license revenue dropped to $2 million from $18.6 million, due to the payment the year before from Bayer.

The firm said that its clinical diagnostic products sales increased 14 percent to $59.6 million from $52.5 million, and its blood screening products rose 8 percent to $52.9 million from $49 million.

Gen-Probe's net income declined to $25.7 million, or $.48 per share, from $31.9 million, or $.58 per share.

Its R&D expenses increased 8 percent to $25 million from 423.1 million, while its SG&A spending increased 4 percent to $24.8 million from $23.9 million.

Gen-Probe finished the quarter with $286.2 million in cash and cash equivalents, and another $366.4 million in marketable securities.

The firm anticipates reporting total 2009 revenues of between $490 million and $510 million and EPS of between $1.72 and $1.90.

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