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Gen-Probe Reports Strong Financial Results for Fourth Quarter and Full Year 2007
Date:2/13/2008

evenues for 2007 were $403.0 million, compared to $354.8 million in the prior year, an increase of 14%. Net income for 2007 was $86.1 million, compared to $59.5 million in the prior year, an increase of 45%. EPS in 2007 were $1.58, compared to $1.12 in the prior year, an increase of 41%.

Gen-Probe's net income and EPS in the fourth quarter of 2007 benefited from an income tax rate of approximately 22% that resulted primarily from the completion of an audit of the Company's 2003 and 2004 California state income tax returns and additional research and development credits earned in 2007. Net income and EPS for the full year 2007 benefited from an income tax rate of approximately 23% that resulted primarily from the items noted above and the completion of an audit of the Company's 2003 and 2004 federal income tax returns (benefit recorded in the second quarter).

Detailed Results

Gen-Probe's clinical diagnostics sales in the fourth quarter of 2007 were again led by the APTIMA Combo 2(R) assay, an amplified nucleic acid test (NAT) for simultaneously detecting Chlamydia trachomatis (CT) and Neisseria gonorrhoeae (GC). Sales of this assay grew based on market share gains on both the Company's semi-automated instrument platform and on the high-throughput, fully automated TIGRIS(R) system. Revenue from the PACE(R) product line, the Company's non-amplified tests for Chlamydia and gonorrhea, declined in the fourth quarter compared to the prior year period, in line with Gen-Probe's expectations.

In blood screening, product sales in the fourth quarter of 2007 benefited from continued international expansion, and from higher pricing associated with US commercial sales of the PROCLEIX(R) WNV (West Nile virus) assay on the TIGRIS system. Gen-Probe's blood screening sales in the fourth quarter of 2007 were negatively affected by the timing of shipments. The Company's blood screening products are marketed worldwide by Chiron, a business unit of Novartis Vac
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SOURCE Gen-Probe Incorporated
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