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Gen-Probe Reports Financial Results for the Second Quarter of 2011
Date:7/28/2011

the prior year period, a decrease of 61% 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.

Royalty and license revenues in the second quarter of 2011 were $1.4 million, compared to $1.8 million in the prior year period.  

GAAP Income Statement DetailsGross margin on product sales was 70.3% in the second quarter of 2011, compared to 66.6% in the prior year period.  This increase resulted mainly from a favorable product sales mix, namely higher sales of APTIMA products and lower sales of instrumentation to Novartis.  

Acquisition-related amortization expenses were $2.7 million in the second quarter of 2011, compared to $2.2 million in the prior year period, an increase of 23% that resulted mainly from the acquisition of GTI in December of 2010.

Research and development (R&D) expenses were $27.7 million in the second quarter of 2011, compared to $27.1 million in the prior year period, an increase of 2% that resulted primarily from the addition of GTI's R&D programs.  

Marketing and sales expenses were $17.5 million in the second quarter of 2011, compared to $15.8 million in the prior year period, an increase of 11% that resulted primarily from the addition of GTI's cost structure, and ongoing European commercial expansion.  

General and administrative (G&A) expenses were $18.7 million in the second quarter of 2011, compared to $15.0 million in the prior year period, an increase of 25% that resulted from the addition of GTI's cost structure, increased legal expenses, and higher stock-based compensation.  

Total other income, net, was $3.8 million in the second quarter of 2011, compared to $6.9 million in the prior year period, a decrease of 45% that resulted primarily from a non-cash gain in the prior year period related to a change in the fair val
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SOURCE Gen-Probe Incorporated
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