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Gen-Probe Reports Financial Results for Second Quarter 2009
Date:7/30/2009

Compared to the first half of 2008, the stronger U.S. dollar reduced product sales growth by an estimated 4%. Total revenues for the first six months of 2009 were $236.7 million, compared to $242.4 million in the prior year period, a decrease of 2%.

Net income was $50.2 million ($0.96 per share) on a non-GAAP basis in the first six months of 2009, compared to $56.7 million ($1.03 per share) in the prior year period, a decrease of 11% (7% per share). Including $6.0 million ($0.09 per share) of expenses related to the Company's acquisition of Tepnel, net income in the first six months of 2009 was $45.6 million ($0.87 per share) on a GAAP basis.

As previously disclosed, Gen-Probe's total revenues, net income and EPS in the first six months of 2008 benefited from a number of non-recurring items, most notably $16.4 million of royalty and license revenue ($0.20 of EPS) that was recorded in the first quarter associated with the settlement of Gen-Probe's patent infringement litigation against Bayer (now Siemens Healthcare Diagnostics). By comparison, the Company's product sales, total revenues, net income and EPS in the first six months of 2009 benefited from $8.2 million of one-time revenue ($0.10 of EPS) recorded in the first quarter associated with the previously announced renegotiation of the Company's collaboration agreement with Novartis Diagnostics.

Detailed Results

Gen-Probe's clinical diagnostics sales in the second quarter of 2009 benefited from revenue associated with Tepnel's transplant diagnostics and genetic testing products, and continued growth of the APTIMA Combo 2(R) assay, an amplified nucleic acid test (NAT) for simultaneously detecting Chlamydia trachomatis and Neisseria gonorrhoeae. Sales of our market-leading assay increased based on market share gains on both the Company's semi-automated instrument platform and on the high-throughput, ful
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SOURCE Gen-Probe Incorporated
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