Gen-Probe Reports Financial Results for Second Qu...( ...),Health

SAN DIEGO, July 30 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO) today reported financial results for the second quarter of 2009, including non-GAAP earnings per share (EPS) of $0.45 and record sexually transmitted disease (STD), clinical diagnostics and total product sales.

"Gen-Probe posted solid earnings in the second quarter of 2009 as a good performance from our core STD franchise, the inclusion of initial revenues from our Tepnel acquisition, and portfolio gains outweighed lower-than-expected blood screening sales," said Carl Hull, the Company's president and chief executive officer. "In addition, the key R&D projects that we expect to boost future growth - including our PANTHER instrument and new tests for human papillomavirus (HPV), prostate cancer and trichomonas - remain on track."

In the second quarter of 2009, product sales were $116.8 million, compared to $113.7 million in the prior year period, an increase of 3%. Compared to the second quarter of 2008, the stronger U.S. dollar reduced product sales growth by an estimated 4%(2). Total revenues for the second quarter of 2009 were $120.5 million, compared to $119.8 million in the prior year period, an increase of 1%.

Net income was $23.2 million ($0.45 per share) on a non-GAAP basis in the second quarter of 2009, compared to $24.8 million ($0.45 per share) in the prior year period, a decrease of 6%. Including $4.4 million ($0.07 per share) of expenses related to the Company's acquisition of Tepnel, which closed on April 8, 2009, net income in the second quarter of 2009 was $19.8 million ($0.38 per share) on a GAAP basis.

For the first six months of 2009, product sales were $229.3 million, compared to $215.2 million in the prior year period, an increase of 7%.
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