General and administrative (G&A) expenses in the fourth quarter of 2007 were $12.3 million, compared to $10.8 million in the prior year period, an increase of 14% that resulted primarily from increased compensation costs. For the full year 2007, G&A expenses were $47.0 million, compared to $44.9 million in the prior year, an increase of 5%.
Gen-Probe continues to have a strong balance sheet. As of December 31, 2007, the Company had $433.5 million of cash, cash equivalents and short-term investments, and no debt. In 2007, Gen-Probe generated net cash of $109.6 million from its operating activities, higher than the Company's net income of $86.1 million.
Initial 2008 Financial Guidance
"We expect 2008 to be another year of double-digit revenue growth and
high profitability for Gen-Probe, even as we continue to invest in
attractive R&D projects to drive our long-term prospects," said Herm
Rosenman, the Company's senior vice president of finance and chief
financial officer. "Although we expect our tax rate to increase to a
normalized level in 2008, our guidance anticipates pre-tax income growing
at its fastest pace since 2004."
For the full year 2008, Gen-Probe expects the following on a GAAP basis:
-- Total revenues of $443 million to $453 million, representing growth of
10% to 12% over 2007. Product sales growth is expected to be led by
continued market share gains for the APTIMA Combo 2 assay, by
commercial pricing of the PROCLEIX WNV assay on the TIGRIS system in
the United States, and by ongoing international expansion of the
PROCLEIX ULTRIO assay on the TIGRIS system. Although Gen-Probe
believes the US Food and Drug Administration (FDA) will approve a
hepatitis B "screening claim" for the PROCLEIX ULTRIO a
|SOURCE Gen-Probe Incorporated|
Copyright©2008 PR Newswire.
All rights reserved