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Gen-Probe Reports Financial Results for the Fourth Quarter of 2011
Date:2/14/2012

d to the prior year period.

In blood screening, fourth-quarter sales increased by 30% compared to the prior year period, as expected, mainly due to greater shipments of assays and TIGRIS® instruments to Novartis, the Company's blood screening collaboration partner.  Foreign currency fluctuations increased blood screening sales by an estimated $0.2 million compared to the prior year period.  

Sales of research products and services in the fourth quarter of 2011 were $2.4 million, down 29% compared to the prior year period.  Foreign currency fluctuations had an immaterial effect on sales of research products and services compared to the prior year period.

Fourth quarter product sales were ($ in millions):Three Months Ended Dec. 31,Change2011

2010As
Reported

Constant
CurrencyClinical Diagnostics

$90.6

$80.1+13%

+13%Blood Screening

$62.1

$47.6+30%

+30%Research Products

and Services

$2.4

$3.4-29%

-29%Total Product Sales

$155.2

$131.1+18%

+18%Collaborative research revenues in the fourth quarter of 2011 were $1.4 million, compared to $3.7 million in the prior year period, a decrease of 62% that resulted primarily from an expected decrease in funding from Novartis associated with the development of the fully automated PANTHER® instrument for the blood screening market.  The PANTHER system remains on track to be launched into international blood screening markets this year.

Royalty and license revenues in the fourth quarter of 2011 were $1.6 million, compared to $1.9 million in the prior year period, a decrease of 16%.  

GAAP Income Statement DetailsGross margin on product sales was 66.7% in the fourth quarter of 2011, compared to 69.4% in the prior year period.  This decrease resulted mainly from higher sales of low-margin instrumentation to Novartis, which are generally a precursor to
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SOURCE Gen-Probe Incorporated
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