Gen-Probe Reports Strong Financial Results for Third Quarter 2008, Raises Full-Year EP... (clinical diagnostics growth in the third...)

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Gen-Probe Reports Strong Financial Results for Third Quarter 2008, Raises Full-Year EPS Guidance

Date:10/30/2008

clinical diagnostics growth in the third quarter of 2008 would have been

approximately 14%, and total product sales growth would have been about

15%.

Collaborative research revenues in the third quarter of 2008 were $11.3 million, compared to $3.1 million in the prior year period. This significant increase resulted primarily from a $10 million milestone the Company earned from Chiron based on the full approval by the US Food and Drug Administration (FDA) of the PROCLEIX ULTRIO assay on the TIGRIS system. For the first nine months of 2008, collaborative research revenues were $18.5 million, compared to $11.2 million in the prior year period, an increase of 65%.

Royalty and license revenues for the third quarter of 2008 were $1.6 million, compared to $1.2 million in the prior year period, an increase of 33% that resulted primarily from higher royalties from Chiron associated with the use of Gen-Probe's technologies in the plasma screening market. For the first nine months of 2008, royalty and license revenues were $21.6 million, compared to $14.4 million in the prior year period, an increase of 50% 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 third quarter of 2008 was 71.7%, compared to 67.3% in the prior year period. This increase resulted primarily from increased sales of blood screening products and APTIMA(R) assays, reduced sales of lower-margin instrumentation, and operational efficiencies. For the first nine months of 2008, gross margin on product sales was 70.4%, compared to 67.3% in the prior year period.

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SOURCE Gen-Probe Incorporated
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