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Gen-Probe Reports Strong Financial Results for First Quarter 2008, Raises Full-Year Guidance
Date:4/28/2008

million in the prior year period, an increase of 4% that resulted primarily from two factors: increased reimbursement from Novartis of shared development expenses in the companies' blood screening collaboration; and increased reimbursement from 3M related to the companies' collaboration to develop rapid tests for healthcare-associated infections. These increases were partially offset by a reduction in funds received from the U.S. Department of Defense for prostate cancer research.

Royalty and license revenues for the first quarter of 2008 were $18.6 million, compared to $11.5 million in the prior year period. As previously discussed, this increase resulted primarily from $16.4 million of revenue from Bayer, which represents the third and final payment due in connection with the 2006 settlement of the companies' patent infringement litigation. In the prior year period, royalty and license revenues included $10.3 million from Bayer.

Gross margin on product sales in the first quarter of 2008 was 67.8%, compared to 66.5% in the prior year period. This improvement resulted primarily from increased sales of the APTIMA Combo 2 assay and from commercial pricing of the PROCLEIX WNV assay on the TIGRIS system in the United States. These benefits were partially offset by increased instrument sales, as described above.

Research and development (R&D) expenses in the first quarter of 2008 were $23.1 million, compared to $20.3 million in the prior year period, an increase of 14%. This increase resulted primarily from costs associated with key development programs such as the post-marketing studies of the PROCLEIX ULTRIO assay in the United States, the investigational APTIMA(R) human papillomavirus (HPV) assay, and Gen-Probe's fully automated instrument system for low- and mid-volume labs, known as PANTHER.

Marketing and sales expenses in the first quarter of 2008 were $11.9 million, compared to $9.5 million in the prior year period, an increase of 25%
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SOURCE Gen-Probe Incorporated
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