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

period, a decrease of 75%. This decrease resulted primarily from the final installment of license revenue under the Company's collaboration with bioMerieux, which was recognized in the prior year period. For the full year 2007, royalty and license revenues were $15.5 million, compared to $13.5 million in the prior year, an increase of 15% that resulted primarily from $10.3 million of royalty revenue that was recorded in the first quarter of 2007 associated with the successful settlement of Gen-Probe's patent infringement claims against Bayer HealthCare (now Siemens Healthcare Diagnostics).

Gross margin on product sales in the fourth quarter of 2007 was 69.2%, compared to 67.6% in the prior year period. This increase resulted primarily from reduced sales of lower-margin instrumentation compared to the prior year period. For the full year 2007, gross margin on product sales was 67.7%, compared to 68.1% in the prior year.

Research and development (R&D) expenses in the fourth quarter of 2007 were $24.3 million, compared to $20.7 million in the prior year period, an increase of 17%. This increase resulted primarily from increased labor costs and the timing of major R&D projects. These projects include assays for human papillomavirus (HPV) and healthcare-associated infections, a fully automated instrument system for low- and mid-volume laboratory customers, and the post-marketing studies for the PROCLEIX ULTRIO(R) assay in the United States. For the full year 2007, R&D expenses were $97.1 million, compared to $84.5 million in the prior year, an increase of 15% that was due primarily to the factors described above.

Marketing and sales expenses in the fourth quarter of 2007 were $11.3 million, compared to $9.6 million in the prior year period, an increase of 18%. This increase resulted primarily from European market development efforts related to the Company's investigational APTIMA HPV assay. For the full year 2007, marketing and sales expenses were $
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SOURCE Gen-Probe Incorporated
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