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

mount excludes the non-cash gain related to a change in the fair value of contingent consideration.

Income tax expense was $12.8 million in the first quarter of 2011, corresponding to a tax rate of 32%.

Cash Flows and Balance SheetIn the first quarter of 2011, Gen-Probe generated net cash of $40.1 million from operating activities, substantially higher than GAAP net income of $23.3 million.  The Company spent $10.8 million on property, plant and equipment in the quarter, leading to free cash flow of $29.3 million.  The Company repurchased approximately 756,000 shares of its stock in the first quarter for $48.0 million.

Gen-Probe continues to have a strong balance sheet.  As of March 31, 2011, the Company had $491.3 million of cash, cash equivalents and marketable securities, and $250 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%.  

2011 Financial GuidanceGen-Probe is reiterating its 2011 financial guidance, which was introduced on February 15.

"We continue to anticipate that 2011 will be a good year financially for Gen-Probe," said Herm Rosenman, the Company's senior vice president, finance, and chief financial officer.  "We forecast continued, high-single-digit growth in product sales.  We also expect improving gross and operating margins to drive solid earnings growth, despite increased legal expenses and substantially lower non-operating income."

Gen-Probe's 2011 financial guidance is provided in the table below:Non-GAAP

GAAPTotal revenues

$570 to $595 million

$570 to $595 millionProduct gross margins

68% to 69.5%

68% to 69.5%Acquisition-related amortization and
other transaction expense

N/A

$13 to 14 millionOperating margin

27% to 29%

25% to 27%Tax rate

32% to 33%

32% to 33%Dil
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SOURCE Gen-Probe Incorporated
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