Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Tota... (cense revenues for the third quarter of ...)

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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

cense revenues for the third quarter of 2007 were $1.2 million, compared to $7.3 million in the prior year period. In the third quarter of 2006, royalty and license revenues were high due to $5.0 million of revenue associated with the first payment arising from the successful settlement of Gen-Probe's patent infringement claims against Bayer HealthCare (now Siemens Medical Solutions Diagnostics). Gen-Probe also earned $1.0 million of license revenue in the prior year period under a 2004 agreement with Tosoh Corporation. For the first nine months of 2007, royalty and license revenues were $14.4 million, compared to $9.2 million in the prior year period. This 57% increase resulted primarily from $10.3 million of royalty revenue that was recorded in the first quarter of 2007 associated with the second payment arising from the Bayer patent litigation.

Gross margin on product sales in the third quarter of 2007 was 67.3%, compared to 70.9% in the prior year period. This decrease resulted primarily from an unfavorable product sales mix, namely increased sales of low-margin instrumentation to clinical diagnostics and blood screening customers. For the first nine months of 2007, gross margin on product sales was 67.3%, compared to 68.2% in the prior year period.

Research and development (R&D) expenses in the third quarter of 2007 were $27.6 million, compared to $24.2 million in the prior year period, an increase of 14%. This increase, which was expected, resulted primarily from the purchase of human papillomavirus (HPV) oligonucleotides from Roche. For the first nine months of 2007, R&D expenses were $72.8 million, compared to $63.8 million in the prior year period, an increase of 14%.

Marketing and sales expenses in the third quarter of 2007 were $9.7 million, compared to $9.5 million in the prior year period, an increase of 2%. For the first nine months of 2007, marketing and sales expenses were $28.6 million, compared to $27.5 million in the prior year p
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Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Tota...(cense revenues for the third quarter of ...)