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

p;D) expenses were $29.0 million in the first quarter of 2011, compared to $29.7 million in the prior year period, a decrease of 2% that resulted primarily from lower clinical trial expenses.  

Marketing and sales expenses were $16.5 million in the first quarter of 2011, compared to $14.8 million in the prior year period, an increase of 12% that resulted primarily from the addition of GTI's cost structure, and European sales force expansion and market development efforts.  

General and administrative (G&A) expenses were $18.2 million in the first quarter of 2011, compared to $14.7 million in the prior year period, an increase of 24% that resulted primarily from the addition of GTI's cost structure and costs associated with the Company's patent infringement litigation against Becton, Dickinson.  

Total other income was $0.4 million in the first quarter of 2011, compared to $4.9 million in the prior year period.  This significant decrease resulted primarily from the absence of a non-cash gain related to a change in the fair value of contingent consideration, lower net realized gains on sales of marketable securities, lower yields on the Company's municipal bond portfolio, and lower investment balances due to cash used for share repurchases and the acquisition of GTI.

Income tax expense was $11.8 million in the first quarter of 2011, corresponding to a tax rate of 34%.  

Non-GAAP Income Statement DetailsExcluding $0.1 million of acquisition-related depreciation expense, gross margin on product sales was 69.7% in the first quarter of 2011, compared to 67.4% in the prior year period.

Excluding transaction-related and restructuring costs, G&A expenses were $16.8 million in the first quarter of 2011, compared to $14.7 million in the prior year period.

Total other income was $0.4 million in the first quarter of 2011, compared to $3.2 million in the prior year period.  The prior year a
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SOURCE Gen-Probe Incorporated
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