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

income for 2008 was $107.0 million ($1.95 per share), compared to $86.1 million ($1.58 per share) in the prior year, an increase of 24% (23% per share). In the prior year, both net income and EPS benefited from an income tax rate of approximately 23% that resulted mainly from the item noted above and the completion of an audit of the Company's 2003 and 2004 federal income tax returns, the benefit from which was recorded in the second quarter of 2007.

Detailed Results

Gen-Probe's clinical diagnostics sales in the fourth quarter of 2008 reflected the continued growth of the APTIMA Combo 2(R) assay, an amplified nucleic acid test (NAT) for simultaneously detecting Chlamydia trachomatis (CT) and Neisseria gonorrhoeae (GC). Sales of this assay increased based on market share gains on both the Company's semi-automated instrument platform and on the high-throughput, fully automated TIGRIS(R) system. Revenue from the PACE(R) product line, the Company's non-amplified tests for the same microorganisms, declined in the fourth quarter compared to the prior year period, in line with Gen-Probe's expectations.

In blood screening, product sales in the fourth quarter of 2008 benefited mainly from increased sales of the PROCLEIX(R) ULTRIO(R) assay. In contrast to the first three quarters of 2008, foreign exchange fluctuations had a negative effect of $0.1 million on blood screening growth in the fourth quarter compared to the prior year period. Chiron, a business unit of Novartis Vaccines and Diagnostics, markets the Company's blood screening products worldwide.

    Product sales were, in millions:
                     Three Months Ended Dec. 31,      Year Ended Dec. 31,
                     2008       2007    Increase   2008      2007    Increase
    Clinical
     diagnostics     $57.7     $49.7       16%    $222.9    $199.2     12%
    Blood screening  $48.1     $42.
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SOURCE Gen-Probe Incorporated
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