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

ue of contingent consideration in connection with the acquisition of PRODESSE.  

Income tax expense was $11.2 million in the second quarter of 2011, leading to a tax rate of 33%.  

Non-GAAP Income Statement DetailsExcluding $0.1 million of acquisition-related depreciation expense, gross margin on product sales was 70.4% in the second quarter of 2011, compared to 66.7% in the prior year period.

Excluding transaction-related and restructuring costs, G&A expenses were $17.3 million in the second quarter of 2011, compared to $14.3 million in the prior year period.

Income tax expense was $12.5 million in the second quarter of 2011, leading to a tax rate of 33%.

Cash Flows and Balance SheetIn the second quarter of 2011, Gen-Probe generated net cash of $45.4 million from operating activities, more than double GAAP net income of $22.3 million.  The Company spent $12.5 million on property, plant and equipment in the quarter, leading to free cash flow of $32.9 million.  

Gen-Probe continues to have a strong balance sheet.  As of June 30, 2011, the Company had $529.4 million of cash, cash equivalents and marketable securities, and $248 million of short-term debt.  The Company pays interest on this debt at a rate 0.6% above the one-month London Interbank Offered Rate (LIBOR), which was recently below 0.2%.  

Updated 2011 Financial Guidance"We are tightening our 2011 revenue guidance based on our first-half performance," said Herm Rosenman, the Company's senior vice president, finance, and chief financial officer.  "We also are adjusting our EPS guidance based on the higher share count and stock compensation expense resulting from the recent increase in our share price, the effects of which are partially offset by higher gross margins."  Gen-Probe's updated 2011 financial guidance is provided below:Current

Guidance

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Previous

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SOURCE Gen-Probe Incorporated
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