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Prodesse Products Help Gen-Probe's Q3 Revenues Rise 8 Percent

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Gen-Probe reported last week that its third-quarter revenues increased 8 percent year over year to $132.6 million from $122.7 million in the third quarter of 2009.

Clinical diagnostics sales rose 8 percent to $74.9 million from $69.6 million, while blood screening product sales increased 11 percent to $50.3 million from $45.4 million. Research products and services declined 21 percent to $3.1 million from $3.9 million.

The company said that its clinical diagnostics sales growth was driven by a number of factors, including real-time PCR assays from its Prodesse subsidiary, which it acquired last year. Gen-Probe did not break out sales for the Prodesse group, however.

Net income for the quarter was $27.4 million, or $.56 per share, compared to $22.2 million, or $.44 per share, in the third quarter of 2009.

Gen-Probe's R&D spending was nearly flat compared to the year-ago quarter, at $27.4 million compared to $27.5 million. SG&A spending fell 11 percent to $25.4 million from $28.7 million, due partially to a $2.9 million arbitration award from Qiagen, which covered attorneys' fees and costs related to the firms' dispute over human papillomavirus tests.

Gen-Probe ended the quarter with $467.5 million in cash, cash equivalents, and marketable securities.

The firm also lowered its revenue guidance for full-year 2010 to between $541 million and $546 million, from a previous range of between $545 million and $562 million.

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