Gen-Probe’s 4th-quarter profit rises 14 percent on diagnostic sales

Friday, February 19, 2010

Gen-Probe 4Q profit rises 14 percent on sales

SAN DIEGO — Diagnostic test maker Gen-Probe Inc. said its fourth-quarter profit rose 14 percent on higher sales of clinical tests and blood screening products.

The company earned $24 million, or 48 cents per share, up from profit of $21.1 million, or 39 cents per share, a year earlier. Revenue rose 27 percent to $138.9 million from $109.1 million.

Excluding charges, the company said late Thursday it earned 52 cents per share. Analysts polled by Thomson Reuters expected profit of 50 cents per share on revenue of $135.3 million.

Clinical diagnostics revenue rose 34 percent to $77.6 million, while blood screening revenue rose 11 percent to $53.4 million. Research product and services revenue was $4.4 million, while collaborative research revenue was $2 million and royalty revenue was $1.4 million.

For the full year the company earned $91.8 million, or $1.79 per share, down from profit of $107 million, or $1.95 per share, in 2008. Revenue rose to $498.3 million from $472.7 million.

Looking ahead, the company expects adjusted profit between $2.10 and $2.25 on revenue between $540 million and $565 million in 2010. Analysts expect profit of $2.17 per share on revenue of $550.5 million.

Shares of Gen-Probe fell 12 cents to $43.58 in morning trading.

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