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Gen-Probe Reports Strong Financial Results for Third Quarter 2008, Raises Full-Year EPS Guidance
Date:10/30/2008

e first nine months of 2008, total other income was $11.6 million, compared to $8.6 million in the prior year period, an increase of 35% that resulted primarily from higher short-term investment balances.

Gen-Probe continues to have a strong balance sheet. As of September 30, 2008, the Company had $555.5 million of cash, cash equivalents and short-term investments, and no debt. In the third quarter of 2008, the Company generated net cash of $67.3 million from its operating activities, while spending $4.8 million on property, plant and equipment. In the first nine months of 2008, Gen-Probe generated net cash of $159.0 million from its operating activities, compared to the Company's year-to-date net income of $85.8 million.

Updated 2008 Financial Guidance

"Based on our strong performance in the third quarter, we are raising our full-year 2008 EPS guidance and tightening our revenue range upward," said Herm Rosenman, the Company's senior vice president of finance and chief financial officer. Gen-Probe's 2008 financial guidance is:

Current Guidance Previous Guidance

Total revenues $470 million to $467 million to

$472 million $472 million

Product gross margins 70% 69% to 70%

R&D expenses 22% 22% to 23%

Marketing and sales expenses 10% 9% to 10%

G&A expenses 11% 11%

Tax rate 34% 34%

Diluted shares outstanding 55 million 55 million to 56 million

EPS $1.91 to $1.93 $1.83 to $1.87

Recent Events

-- FDA Approves PROCLEIX ULTRIO Assay. On August 13, Gen-Probe announced

that the FDA had approved the Company's supplemental regulatory


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SOURCE Gen-Probe Incorporated
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