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

7 13% $206.3 $171.7 20% Total product sales $105.8 $92.4 15% $429.2 $370.9 16%

Collaborative research revenues in the fourth quarter of 2008 were $2.1 million, compared to $5.4 million in the prior year period, a decrease of 61% that resulted primarily from the June 2008 termination of the Company's collaboration with 3M to develop rapid tests for healthcare-associated infections. For the full year 2008, collaborative research revenues were $20.6 million, compared to $16.6 million in the prior year, an increase of 24% that resulted primarily from a $10 million milestone the Company earned from Chiron in the third quarter based on the full approval by the US Food and Drug Administration (FDA) of the PROCLEIX ULTRIO assay on the TIGRIS system.

Royalty and license revenues for the fourth quarter of 2008 were $1.3 million, compared to $1.1 million in the prior year period, an increase of 18%. For the full year 2008, royalty and license revenues were $22.9 million, compared to $15.5 million in the prior year, an increase of 48% that resulted primarily from revenue that was recorded in the first quarters of 2007 and 2008 associated with the settlement of Gen-Probe's patent infringement litigation against Bayer (now Siemens Medical Solutions Diagnostics). Specifically, Gen-Probe recorded $10.3 million of revenue from this settlement in the first quarter of 2007, and a final payment of $16.4 million in the first quarter of 2008.

Gross margin on product sales in the fourth quarter of 2008 was 69.6%, compared to 69.2% in the prior year period. This increase resulted primarily from increased sales of blood screening products and APTIMA(R) assays. In the fourth quarter of 2008, gross margin on product sales was negatively affected by costs associated with the voluntary recall of certain AccuProbe(R) culture identification kits, which increased cost of
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SOURCE Gen-Probe Incorporated
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