Gen-Probe Reports Strong Financial Results for First Quarter 2008, Raises Full-Yea... (that resulted primarily from European ma...)

Gen-Probe Reports Strong Financial Results for First Quarter 2008, Raises Full-Year Guidance

Date:4/28/2008

that resulted primarily from European market development efforts related to the Company's APTIMA HPV and PROGENSATM PCA3 assays.

General and administrative (G&A) expenses in the first quarter of 2008 were $11.9 million, compared to $11.3 million in the prior year period, an increase of 5% that resulted primarily from higher legal costs.

Gen-Probe continues to have a strong balance sheet. As of March 31, 2008, the Company had $487.6 million of cash, cash equivalents and short-term investments, and no debt. In the first quarter of 2008, Gen-Probe generated net cash of $67.5 million from its operating activities, more than double net income of $31.9 million.

Updated 2008 Financial Guidance

"We believe our strong operating performance in the first quarter has us off to a good start in 2008, and we are therefore raising our full-year revenue and EPS guidance," said Herm Rosenman, the Company's senior vice president of finance and chief financial officer.

For the full year 2008, Gen-Probe now expects:

-- Total revenues of $450 million to $455 million.

-- Product gross margins approximating 68% to 70% of product sales.

-- R&D expenses approximating 23% to 24% of total revenues. The Company

expects quarterly R&D expenses to average more than $27 million for

the rest of 2008, with much of the increase associated with the US

clinical trial of the APTIMA HPV assay.

-- Marketing and sales expenses approximating 9% to 10% of total

revenues.

-- G&A expenses approximating 11% of total revenues.

-- EPS of between $1.72 and $1.76, based on 55 million to 56 million

fully diluted shares outstanding for the year and a tax rate of

34% to 35%.

Recent Events

-- Regulatory Application for PROCLEIX ULTRIO Assay Submitted. On

February 21, Gen-Probe announced that the Company had submitted to the

U.S.
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Gen-Probe Reports Strong Financial Results for First Quarter 2008, Raises Full-Yea...(that resulted primarily from European ma...)