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Gen-Probe Reports Strong Financial Results for Fourth Quarter and Full Year 2008
Date:2/17/2009

- Company Posts Quarterly EPS of $0.39, Total Revenues of $109.1 Million -

- For Full Year 2008, EPS Increase by 23%, Total Revenues by 17% -

- Company Generates $178.3 Million of Operating Cash in 2008 -

SAN DIEGO, Feb. 17 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO) today reported strong financial results for the fourth quarter and full year ended December 31, 2008, including quarterly earnings per share (EPS) of $0.39(1) and total revenues of $109.1 million.

"Gen-Probe posted strong financial results in the fourth quarter of 2008, driven by healthy growth in both clinical diagnostics and blood screening sales," said Hank Nordhoff, the Company's chairman and chief executive officer. "In addition, our fourth quarter performance completed an excellent 2008 that saw top- and bottom-line growth rates exceed our long-term goals."

In the fourth quarter of 2008, product sales were $105.8 million, compared to $92.4 million in the prior year period, an increase of 15%. Total revenues for the fourth quarter of 2008 were $109.1 million, compared to $98.9 million in the prior year period, an increase of 10%. Net income in the fourth quarter of 2008 was $21.1 million ($0.39 per share), compared to $20.4 million ($0.37 per share) in the prior year period, an increase of 3% (5% per share). In the prior year period, both net income and EPS benefited from an income tax rate of approximately 22% that resulted mainly from the completion of an audit of the Company's 2003 and 2004 California state income tax returns.

For the full year 2008, product sales were $429.2 million, compared to $370.9 million in the prior year, an increase of 16%. Total revenues for 2008 were $472.7 million, compared to $403.0 million in the prior year, an increase of 17%. Net
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SOURCE Gen-Probe Incorporated
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