Gen-Probe board authorizes repurchase of up to $100 million in common stock

Gen-Probe to buy back up to $100 million in stock

SAN DIEGO — Diagnostic test maker Gen-Probe Inc. said it is buying back up to $100 million in common stock over the next year.

In the fourth quarter of 2009, Gen-Probe had 49.5 million shares of common stock outstanding and finished the quarter with about $501.1 million in cash, cash equivalents and marketable securities, and $240.8 million of short-term debt.

Also late Thursday, the company said its fourth-quarter profit rose 14 percent on higher sales of clinical tests and blood screening products.

Shares of Gen-Probe fell 12 cents to $43.58 in morning trading. Over the past year the stock has traded between $35.69 and $49.29.