SAN DIEGO, Feb. 15, 2011 /PRNewswire/ -- Gen-Probe Incorporated (Nasdaq: GPRO) today reported financial results for the fourth quarter and full year 2010, highlighted by record non-GAAP earnings per share (EPS) of $0.61 in the quarter, 17% higher than in the prior year period.
“In the fourth quarter of 2010, Gen-Probe generated record clinical diagnostics sales and an all-time high in earnings per share despite macroeconomic headwinds and unusually strong sales of influenza products a year ago,” said Carl Hull, the Company’s president and chief executive officer. “At the same time, we took important steps to accelerate our future growth by filing US regulatory applications for the APTIMA® human papillomavirus (HPV) and trichomonas products, and by acquiring GTI Diagnostics.”
Key financial results for the fourth quarter of 2010 were ($ in millions, except EPS):
Non-GAAP | GAAP | |||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||
Product sales | $131.1 | $135.5 | -3% | $131.1 | $135.5 | -3% | ||
Total revenues | $136.7 | $138.9 | -2% | $136.7 | $138.9 | -2% | ||
Operating profit | $40.1 | $37.4 | +7% | $36.8 | $34.9 | +5% | ||
Net income | $29.4 | $25.8 | +14% | $27.2 | $24.0 | +13% | ||
EPS | $0.61 | $0.52 | +17% | $0.56 | $0.48 | +17% | ||
Key financial results for the full year 2010 were ($ in millions, except EPS):
Non-GAAP | GAAP | |||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||
Product sales | $522.7 | $483.8 | +8% | $522.7 | $483.8 | +8% | ||
Total revenues | $543.3 | $498.3 | +9% | $543.3 | $498.3 | +9% | ||
Operating profit | $149.4 | $131.0 | +14% | $137.8 | $120.1 | +15% | ||
Net income | $107.5 | $99.8 | +8% | $106.9 | $91.8 | +16% | ||
EPS | $2.19 | $1.95 | +12% | $2.18 | $1.79 | +22% | ||
Revenue Detail
Clinical diagnostics product sales established a new record in the fourth quarter of 2010, with growth driven by the APTIMA Combo 2® assay for detecting Chlamydia and gonorrhea. Increased APTIMA sales offset lower sales of PRODESSE influenza assays, which were unusually strong in the prior year period due to the H1N1 pandemic. Foreign exchange fluctuations reduced clinical diagnostics sales by an estimated $0.5 million, or less than 1%, compared to the prior year period.
Blood screening product sales decreased in the fourth quarter of 2010, as expected, due to lower sales of TIGRIS® instruments to Novartis, the Company’s blood screening collaboration partner. Sales of blood screening assays were flat compared to the prior year period. Foreign exchange fluctuations reduced blood screening sales by an estimated $0.7 million, or 1%, compared to the prior year period.
Sales of research products and services in the fourth quarter of 2010 declined mainly due to the divestiture of the BioKits food testing business late in 2009, and foreign exchange effects.
Fourth quarter product sales were ($ in millions):
Three Months Ended Dec. 31, | Change | |||||
2010 | 2009 | As Reported | Constant Currency | |||
Clinical Diagnostics | $80.1 | $77.6 | +3% | +4% | ||
Blood Screening | $47.6 | $53.4 | -11% | -10% | ||
Research Products and Services | $3.4 | $4.4 | -23% | -21% | ||
Total Product Sales | $131.1 | $135.5 | -3% | -2% | ||
Product sales for the full year 2010 were ($ in millions):
12 Months Ended Dec. 31, | Change | |||||
2010 | 2009 | As Reported | Constant Currency | |||
Clinical Diagnostics | $305.8 | $274.2 | +12% | +12% | ||
