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

ed decision to sell portions of its municipal bond portfolio, and to use the proceeds to repurchase stock. For the first six months of 2009, total other income was $13.1 million, compared to $9.4 million in the prior year period, an increase of 39%.

In the second quarter of 2009, Gen-Probe generated net cash of $22.8 million from its operating activities, and repurchased approximately 1.6 million shares of its stock for approximately $70 million.

Gen-Probe continues to have a strong balance sheet. As of June 30, 2009, the Company had $569.2 million of cash, cash equivalents and marketable securities, and $240.9 million of short-term debt. The Company currently pays interest on funds borrowed under its credit facility at a rate 0.6 percent above the one-month London Interbank Offered Rate (LIBOR), which was recently 0.3 percent.

Updated 2009 Financial Guidance

"We continue to expect solid growth in our clinical diagnostics business in 2009 as well as industry-leading profitability on the bottom line," said Herm Rosenman, Gen-Probe's senior vice president, finance, and chief financial officer. "However, we are lowering the top end of our full-year revenue and EPS guidance slightly to account for lower-than-expected blood screening revenues in the second quarter and slower anticipated blood screening growth going forward."

In the table below, Gen-Probe's non-GAAP guidance excludes certain expenses related to the Tepnel acquisition, namely transaction costs and the amortization of purchased intangibles. These expenses are forecast to total between $8 million and $9 million in 2009, equating to between ($0.10) and ($0.12) of EPS on a GAAP basis.

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SOURCE Gen-Probe Incorporated
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