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
-- FDA Approves PROCLEIX ULTRIO Assay. On August 13, Gen-Probe announced
that the FDA had approved the Company's supplemental regulatory
|SOURCE Gen-Probe Incorporated|
Copyright©2008 PR Newswire.
All rights reserved