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

s to Novartis, the Company's blood screening collaborator.  Foreign currency fluctuations reduced blood screening sales by an estimated $0.3 million, or less than 1%, compared to the prior year period.

Sales of research products and services in the first quarter of 2011 were $3.1 million, down 24% compared to the prior year period due to continued weakness in pharmaceutical outsourcing.  

First quarter product sales were ($ in millions):Three Months Ended March 31,Change2011

2010As
Reported

Constant
CurrencyClinical Diagnostics

$88.3

$76.9+15%

+15%Blood Screening

$46.7

$49.6-6%

-5%Research Products  and Services

$3.1

$4.1-24%

-25%Total Product Sales

$138.1

$130.6+6%

+6%Collaborative research revenues in the first quarter of 2011 were $3.6 million, compared to $3.3 million in the prior year period, an increase of 9% that resulted primarily from increased funding from Novartis associated with the development of the fully automated PANTHER™ instrument and the PROCLEIX® ULTRIO® Plus assay for the blood screening market.

Royalty and license revenues in the first quarter of 2011 were $1.4 million, compared to $1.6 million in the prior year period, a decrease of 13% that resulted from the combined effect of several small items.  

GAAP Income Statement DetailsGross margin on product sales was 69.6% in the first quarter of 2011, compared to 67.3% in the prior year period.  This increase resulted mainly from a favorable product sales mix, namely higher sales of PRODESSE and APTIMA products, and lower sales of instrumentation.  

Acquisition-related amortization expenses were $2.8 million in the first quarter of 2011, compared to $2.2 million in the prior year period, an increase of 27% that resulted mainly from the acquisition of GTI in December of 2010.

Research and development (R&am
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SOURCE Gen-Probe Incorporated
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