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Gen-Probe Announces $150 Million Stock Repurchase Plan
Date:2/15/2011

SAN DIEGO, Feb. 15, 2011 /PRNewswire/ -- Gen-Probe Incorporated (Nasdaq: GPRO) announced today that its board of directors has authorized the repurchase of up to $150 million of the Company's common stock over the next year.  

"Based on our healthy balance sheet and strong anticipated cash flows, we believe we can increase long-term shareholder value and offset dilution from employee option programs by buying back stock, while at the same time retaining the strategic and operational flexibility to invest appropriately in our business," said Herm Rosenman, Gen-Probe's senior vice president - finance, and chief financial officer.

Repurchases may occur from time to time and at Gen-Probe's discretion, depending on market conditions and other factors.  Shares may be purchased on the open market or through private transactions, pursuant to Rule 10b5-1 trading plans or other available means.

In the fourth quarter of 2010, Gen-Probe had 48.5 million shares of common stock outstanding on a weighted average, diluted basis.  As of December 31, 2010, the Company had $489.7 million of cash, cash equivalents and marketable securities, and $240.0 million of short-term debt.  The Company pays interest on this debt at a rate 0.6% above the one-month London Interbank Offered Rate (LIBOR), which was recently below 0.3%.  Gen-Probe generated $169.6 million of cash from operating activities in 2010, while spending $30.7 million on property, plant and equipment, leading to free cash flow of $138.9 million.

About Gen-ProbeGen-Probe is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective molecular diagnostic products and services that are used primarily to diagnose human diseases, screen donated human blood, and ensure transplant compatibility.  Gen-Probe has approximately 28 years of expertise in nu
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SOURCE Gen-Probe Incorporated
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