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

, an increase of 3% that resulted primarily from higher short-term investment balances. For the full year 2008, total other income was $15.5 million, compared to $12.3 million in the prior year period, an increase of 26% that also resulted from higher short-term investment balances.

Gen-Probe continues to have a strong balance sheet. As of December 31, 2008, the Company had $505.2 million of cash, cash equivalents and short-term investments, and no debt. In the fourth quarter of 2008, the Company repurchased approximately 1.5 million shares of its common stock for $65 million. For the full year 2008, Gen-Probe generated net cash of $178.3 million from its operating activities, compared to the Company's net income of $107.0 million.

2009 Financial Guidance

Gen-Probe provided its initial 2009 financial guidance via a press release issued on January 27, 2009.

"We expect 2009 to be another year of solid underlying earnings growth for Gen-Probe, although previously disclosed non-recurring items that added approximately $32 million of revenue and $0.34 of EPS will make comparisons to 2008 difficult," said Herm Rosenman, the Company's senior vice president of finance and chief financial officer.

Gen-Probe's 2009 guidance excludes revenue and expense associated with the pending Tepnel acquisition, which is expected to close in the second quarter, as well as any incremental revenue from the PROCLEIX ULTRIO assay in the United States. For the full year 2009, the Company expects the following on a GAAP basis:

                                        2009 Guidance
    Total revenues              $460 million to $490 million
    Product gross margins                   69-72%
    R&D expenses                            20-22%
    Marketing and sales expenses            10-11%
    G&A expenses                            10-11%
    Tax ra
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SOURCE Gen-Probe Incorporated
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