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Gen-Probe Reports Financial Results for the First Quarter of 2011
Date:4/28/2011

SAN DIEGO, April 28, 2011 /PRNewswire/ -- Gen-Probe Incorporated (NASDAQ: GPRO) today reported financial results for the first quarter of 2011, highlighted by record total revenues of $143.0 million and non-GAAP earnings per share (EPS) of $0.54, 13% higher than in the prior year period.  

"Gen-Probe posted solid financial results in the first quarter of 2011, including all-time highs in product sales and total revenues, based on the acquisition of GTI and good growth from our PRODESSE influenza and APTIMA women's health products," said Carl Hull, the Company's president and chief executive officer.  "In addition, all our major pipeline initiatives remain on track, with an important new product cycle just beginning."

Key financial results for the first quarter of 2011 were ($ in millions, except EPS):Non-GAAPGAAP2011

2010

Change2011

2010

ChangeProduct sales

$138.1

$130.6

+6%$138.1

$130.6

+6%Total revenues

$143.0

$135.4

+6%$143.0

$135.4

+6%Operating profit

$38.9

$33.7

+15%$34.7

$31.4

+11%Net income

$26.6

$24.0

+11%$23.3

$24.2

-4%EPS

$0.54

$0.48

+13%$0.48

$0.48

0%Revenue DetailClinical diagnostics product sales established a new record in the first quarter of 2011.  Growth of 15% was driven by sales of GTI products, which were not part of Gen-Probe in the prior year period, by the PRODESSE influenza franchise, and by the APTIMA Combo 2® assay for detecting Chlamydia and gonorrhea.  Foreign currency fluctuations had a minimal effect on clinical diagnostics sales compared to the prior year period.

In blood screening, sales declined compared to the first quarter of 2010, as expected, due mainly to lower sales of instrument
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SOURCE Gen-Probe Incorporated
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