Gen-Probe reports strong third quarter, ups revenue guidance

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Gen-Probe Inc. said its third-quarter results were "strong" and included new quarterly records for product sales and total revenues.

"Based on our strong performance in the third quarter, we are increasing our full-year 2006 revenue guidance and raising the low end of our earnings per share guidance," chief financials officer Herm Rosenman said in a company news release.

Gen-Probe now expects total revenues for the full year to be between $349 million and $352 million and diluted earnings per share to be between $1.09 and $1.12.

The company reported net income for the third quarter of $19.2 million, or $0.36 per share, up 16% per share from the prior-year period.

Product sales for the period were a record $83.5 million, up 21% from $68.9 million recorded in the third quarter of 2005.

Total revenues for the third quarter were also up 21% at a record $92.2 million.

Third-quarter royalty and license revenues rose significantly to $7.3 million from $1.0 million in the prior-year period.

The company had $62.1 million of cash and cash equivalents at Sept. 30, compared with $32.3 million at Dec. 31, 2005.

San Diego-based Gen-Probe develops nucleic acid tests used to diagnose human diseases and screen donated blood.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.