Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Tota... (mpared to $0.80 in the prioryear period ...)

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Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Total Revenues

Date:10/30/2007

mpared to $0.80 in the prior year period, an increase of 51%. Product sales for the first nine months of 2007 were $278.5 million, compared to $239.8 million in the prior year period, an increase of 16%. Total revenues for the first nine months of 2007 were $304.1 million, compared to $263.7 million in the prior year period, an increase of 15%.

Gen-Probe's net income and EPS in the third quarter of 2007 benefited from a reduction in income tax expense of approximately $0.9 million ($0.02 per share) associated with the completion of the Company's 2006 federal tax return. In addition, the Company's net income and EPS for the first nine months of 2007 benefited from a reduction in income tax expense of approximately $8.7 million ($0.16 per share), which was recorded in the second quarter. As previously disclosed, this benefit resulted from the completion in April of an Internal Revenue Service audit of the Company's 2003 and 2004 federal income tax returns. Based on the results of this audit, the Company released reserves primarily associated with federal research and development tax credits generated from 1999 to 2004.

Detailed Results

Gen-Probe's clinical diagnostics sales in the third 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 continued to grow strongly, driven by market share gains on both the Company's semi-automated instrument platform and on the high-throughput, fully automated TIGRIS(R) system. Clinical diagnostics sales in the third quarter also benefited from increased sales of instrumentation to current and new customers. Revenue from the PACE(R) product line, the Company's non-amplified tests for Chlamydia and gonorrhea, declined in the third quarter compared to the prior year period, in line with Gen-Probe's expectations.

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Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Tota...(mpared to $0.80 in the prioryear period ...)