SAN DIEGO, April 30, 2012 /PRNewswire/ -- Gen-Probe Incorporated (NASDAQ: GPRO) today reported financial results for the first quarter of 2012, highlighted by total revenues of $153.4 million and non-GAAP earnings per share (EPS) of $0.55.
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"Gen-Probe is off to a strong start in 2012 driven by the continued growth of our women's health franchise," said Carl Hull, the Company's chairman and chief executive officer. "We plan to build on that momentum as our new products gain further traction in the marketplace and as we anticipate launching our PANTHER system in the U.S."
Also today, Gen-Probe and Hologic, Inc. (NASDAQ: HOLX) announced that they have entered into a definitive agreement pursuant to which Hologic will acquire Gen-Probe for $82.75 per share in cash, or a total of approximately $3.7 billion. Please refer to a joint press release issued by the parties today for additional details regarding the transaction.
Financial Results
Key financial results for the first quarter of 2012 were ($ in millions, except EPS):
| Non-GAAP |
| GAAP |
| 2012 |
| 2011 |
| Change |
| 2012 |
| 2011 |
| Change |
Product sales | $ | 150.1 |
| $ | 138.1 |
| +9% |
| $ | 150.1 |
| $ | 138.1 |
| +9% |
Total revenues | $ | 153.4 |
| $ | 143.0 |
| +7% |
| $ | 153.4 |
| $ | 143.0 |
| +7% |
Operating profit | $ | 35.6 |
| $ | 38.9 |
| -8% |
| $ | 31.7 |
| $ | 34.7 |
| -9% |
Net income | $ | 25.2 |
| $ | 26.6 |
| -5% |
| $ | 22.5 |
| $ | 23.3 |
| -3% |
EPS | $ | 0.55 |
| $ | 0.54 |
| +2% |
| $ | 0.49 |
| $ | 0.48 |
| +2% |
Revenue Detail
In the first quarter of 2012, clinical diagnostics product sales grew by 7% compared to the prior year period. This increase was driven primarily by domestic and international sales growth in our women's health franchise, which includes the APTIMA Combo 2® assay for detecting Chlamydia and gonorrhea, the APTIMA Trichomonas assay for detecting Trichomonas vaginalis, and the APTIMA HPV assay for detecting high-risk strains of the human papillomavirus (HPV). Foreign currency fluctuations reduced clinical diagnostics sales by an estimated $0.5 million compared to the prior year period.
In blood screening, first-quarter sales increased by 12% compared to the prior year period, mainly due to greater shipments of TIGRIS® instruments to Novartis, the Company's blood screening collaboration partner. Foreign currency fluctuations decreased blood screening sales by an estimated $0.1 million compared to the prior year period.
Sales of research products and services in the first quarter of 2012 were $2.7 million, down 13% compared to the prior year period. Foreign currency fluctuations had an immaterial effect on these sales compared to the prior year period.
First quarter product sales were ($ in millions):