-- Company Posts Non-GAAP EPS of $0.51(1), Excluding $0.02 of Expenses Related to Tepnel Acquisition --
-- Product Sales Increase 11%, or 15% on a Constant Currency(2) Basis --
-- Company Generates Total Revenues of $116.2 Million, Operating Cash
Flows of $52.0 Million --
SAN DIEGO, April 30 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO) today reported financial results for the first quarter of 2009, including non-GAAP earnings per share (EPS) of $0.51.
"Gen-Probe posted good financial results in the first quarter of 2009, highlighted by a new record in clinical diagnostics product sales, despite significant foreign exchange headwinds," said Henry L. Nordhoff, the Company's chairman and chief executive officer. "In recent weeks, we also completed our Tepnel acquisition and decided to begin a U.S. clinical trial of our PCA3 prostate cancer test, both of which we expect to drive future growth."
As expected, total revenues and net income declined in the first quarter of 2009 compared to the prior year period because the Company recorded $16.4 million of revenue from Bayer in the first quarter of 2008. This non-recurring revenue, which added $0.20 to EPS in the prior year period, represented the third and final payment due to Gen-Probe in connection with the 2006 settlement of the companies' patent infringement litigation.
In the first quarter of 2009, product sales were $112.5 million, compared to $101.5 million in the prior year period, an increase of 11%. Compared to the first quarter of 2008, the stronger U.S. dollar reduced product sales growth by an estimated 4%. Total revenues for the first quarter of 2009 were $116.2 million, compared to $122.6 million in the prior year period, a decrease of 5%. Net income was $27.0 million ($0.5
|SOURCE Gen-Probe Incorporated|
Copyright©2009 PR Newswire.
All rights reserved