-- Company Posts Non-GAAP EPS of $0.52(1), Excluding
Transaction-Related Expenses, and GAAP EPS of $0.48 -- --
Acquisitions of Tepnel and Prodesse Contribute to New Quarterly and
Annual Records for Product Sales and Total Revenues -- -- Company
Generates $29.5 Million of Free Cash Flow in Quarter -- SAN DIEGO,
Feb. 18 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated
(NASDAQ:GPRO) today reported financial results for the fourth
quarter of 2009, with record product sales and total revenues
driving non-GAAP earnings per share (EPS) of $0.52 and GAAP EPS of
$0.48. "Gen-Probe posted strong financial results in the fourth
quarter of 2009 based on balanced performance across our key
product areas: women's health, infectious diseases, blood screening
and transplant diagnostics," said Carl Hull, the Company's
president and chief executive officer. Key financial results for
the fourth quarter of 2009 were ($ in millions, except EPS):
Non-GAAP GAAP -------------------- ------------------- 2009 2008
Change 2009 2008 Change ---- ---- ------ ---- ---- ------ Product
sales $135.5 $105.8 +28% $135.5 $105.8 +28% Total revenues $138.9
$109.1 +27% $138.9 $109.1 +27% Operating profit $37.4 $27.2 +37%
$34.9 $27.2 +28% Net income $25.8 $21.1 +22% $24.0 $21.1 +14% EPS
$0.52 $0.39 +33% $0.48 $0.39 +23% Free cash flow(2) $29.5 $10.4
+184% $29.5 $10.4 +184% Key financial results for the full year
2009 were ($ in millions, except EPS): Non-GAAP GAAP
-------------------- ------------------- 2009 2008 Change 2009 2008
Change ---- ---- ------ ---- ---- ------ Product sales $483.8
$429.2 +13% $483.8 $429.2 +13% Total revenues $498.3 $472.7 +5%
$498.3 $472.7 +5% Operating profit $131.0 $145.4 -10% $120.1 $145.4
-17% Net income $99.8 $107.0 -7% $91.8 $107.0 -14% EPS $1.95 $1.95
0% $1.79 $1.95 -8% Free cash flow $112.7 $138.9 -19% $112.7 $138.9
-19% In 2008, Gen-Probe's total revenues, net income, EPS and free
cash flow benefited from a number of non-recurring items. The two
most significant benefits were: -- $16.4 million of royalty and
license revenue ($0.20 of EPS) recorded in the first quarter of
2008 based on the settlement of patent infringement litigation
against Bayer (now Siemens Healthcare Diagnostics). -- $10.0
million of collaborative research revenue ($0.12 of EPS) recorded
from the Company's commercial partner, Novartis Diagnostics, in the
third quarter of 2008 based on the full approval by the US Food and
Drug Administration (FDA) of the PROCLEIX® ULTRIO® assay on the
TIGRIS® system. In 2009, the Company's product sales, total
revenues, net income, EPS and free cash flow benefited from $8.2
million of one-time revenue ($0.10 of EPS) recorded in the first
quarter associated with the renegotiation of the Company's
collaboration agreement with Novartis. Revenue Detail In the fourth
quarter of 2009, clinical diagnostics sales growth was driven by
transplant diagnostics and influenza products, and the APTIMA Combo
2® assay for detecting Chlamydia and gonorrhea. Compared to the
prior year period, clinical diagnostics sales also benefited from
the weaker US dollar, which added an estimated $0.8 million, or 1%,
to growth.(3) In blood screening, fourth quarter sales growth was
driven mainly by higher sales of TIGRIS instruments to Novartis,
which generally are a precursor to future assay sales. Compared to
the prior year period, blood screening sales also benefited from
the weaker US dollar, which added an estimated $1.2 million, or 2%,
to growth. Sales of research products and services in the fourth
quarter of 2009 were $4.4 million. These sales, resulting from the
Tepnel acquisition, were not included in Gen-Probe's prior year
results. Fourth quarter product sales were ($ in millions): Three
Months Ended Dec. 31, Change --------------------------- ------ As
Constant 2009 2008 Reported Currency ---- ---- -------- --------
Clinical Diagnostics $77.6 $57.7 +34% +33% Blood Screening $53.4
$48.1 +11% +9% Research Products and Services $4.4 N/A N/A N/A
----------------- ---- --- --- --- Total Product Sales $135.5
$105.8 +28% +26% For the full year 2009, clinical diagnostics sales
were negatively affected by the stronger US dollar, which reduced
growth by an estimated $2.9 million, or 1%, compared to the prior
year. In blood screening, full year 2009 sales also were negatively
affected by the stronger US dollar, which reduced growth by an
estimated $6.1 million, or 3%, compared to the prior year. Product
sales for the full year 2009 were ($ in millions): 12 Months Ended
Dec. 31, Change ------------------------ ------ As Constant 2009
2008 Reported Currency ---- ---- -------- -------- Clinical
Diagnostics $274.2 $222.9 +23% +24% Blood Screening $197.5 $206.3
-4% -1% Research Products and Services $12.0 N/A N/A N/A
----------------- ----- --- --- --- Total Product Sales $483.8
$429.2 +13% +15% Collaborative research revenues in the fourth
quarter of 2009 were $2.0 million, compared to $2.1 million in the
prior year period. For the full year 2009, collaborative research
revenues were $7.9 million, compared to $20.6 million in the prior
year. As discussed, this decrease resulted primarily from the $10.0
million milestone earned from Novartis in 2008 based on the full
FDA approval of the PROCLEIX ULTRIO assay on the TIGRIS system.
Royalty and license revenues for the fourth quarter of 2009 were
$1.4 million, compared to $1.3 million in the prior year period.
For the full year 2009, royalty and license revenues were $6.6
million, compared to $22.9 million in the prior year. As discussed,
this decrease resulted primarily from $16.4 million of revenue that
was recorded in 2008 associated with the settlement of patent
infringement litigation against Bayer. Expense Detail Gross margin
on product sales in the fourth quarter of 2009 was 67.3% on a
non-GAAP basis that excludes $0.1 million of acquisition-related
depreciation expense, compared to 69.6% in the prior year period.
This decrease resulted mainly from increased sales of low-margin
TIGRIS instruments to Novartis. For the full year 2009, gross
margin on product sales was 68.6% on a non-GAAP basis that excludes
$0.3 million of acquisition-related depreciation expense, compared
to 70.2% in the prior year. On a GAAP basis, gross margin on
product sales was 67.2% in the fourth quarter of 2009, and 68.5%
for the full year. Acquisition-related amortization expenses were
$1.9 million in the fourth quarter of 2009 and $4.1 million for the
full year, compared to $0 in the comparable periods of the prior
year. Research and development (R&D) expenses in the fourth
quarter of 2009 were $27.4 million, compared to $24.2 million in
the prior year period, an increase of 13% that resulted primarily
from expenses associated with clinical trials of the Company's HPV,
PCA3 and trichomonas assays, and from the addition of Tepnel's
R&D activities. For the full year 2009, R&D expenses were
$106.0 million, compared to $101.1 million in the prior year, an
increase of 5%. R&D expenses represented 21.3% of total
revenues in 2009, and 21.4% of total revenues in 2008. Marketing
and sales expenses in the fourth quarter of 2009 were $15.2 million
on a non-GAAP basis that excludes $0.1 million of
acquisition-related expense, compared to $11.8 million in the prior
year period, an increase of 29% that resulted primarily from the
addition of Tepnel's cost structure, and European sales force
expansion and market development efforts. For the full year 2009,
marketing and sales expenses were $53.8 million on a non-GAAP basis
that excludes $0.1 million of acquisition-related expense, compared
to $45.9 million in the prior year, an increase of 17%. On a GAAP
basis, marketing and sales expenses were $15.3 million in the
fourth quarter of 2009, and $53.9 million for the full year.
General and administrative (G&A) expenses in the fourth quarter
of 2009 were $14.5 million on a non-GAAP basis that excludes $0.4
million of transaction-related expense, compared to $13.8 million
in the prior year period. This increase of 5% resulted primarily
from the addition of Tepnel's cost structure. For the full year
2009, G&A expenses were $55.5 million on a non-GAAP basis that
excludes $6.3 million of transaction-related expense, compared to
$52.3 million in the prior year, an increase of 6%. On a GAAP
basis, G&A expenses were $14.9 million in the fourth quarter of
2009, and $61.8 million for the full year. Total other income in
the fourth quarter of 2009 was $2.3 million, compared to $3.8
million in the prior year period. This decrease of 39% resulted
primarily from lower yields on the Company's municipal bond
portfolio, and lower investment balances following the completion
of the Company's $250 million share repurchase program and the
acquisitions of Tepnel and Prodesse. For the full year 2009, total
other income was $19.7 million, compared to $15.5 million in the
prior year, an increase of 27% that resulted primarily from
realized investment gains. In the fourth quarter of 2009, Gen-Probe
generated net cash of $39.6 million from operating activities,
substantially higher than GAAP net income of $24.0 million. The
Company spent $10.1 million on property, plant and equipment in the
quarter, leading to free cash flow of $29.5 million. Gen-Probe
continues to have a strong balance sheet. As of December 31, 2009,
the Company had $501.1 million of cash, cash equivalents and
marketable securities, and $240.8 million of short-term debt. The
Company pays interest on substantially all this debt at a rate 0.6%
above the one-month London Interbank Offered Rate (LIBOR), which
was recently below 0.3%. 2010 Financial Guidance "Based on the
midpoints of our non-GAAP 2010 guidance, we expect to show solid,
double-digit growth on both the top and bottom lines, as well as
improved operating profit and very strong free cash flow," said
Herm Rosenman, Gen-Probe's senior vice president - finance, and
chief financial officer. Gen-Probe 2010 financial guidance is
described in the table below: Non-GAAP GAAP -------- ---- Total
revenues $540 to $565 million $540 to $565 million Product gross
margins 68% to 70% 68% to 70% Acquisition-related amortization N/A
$9 to $10 million Fair value adjustment of acquisition-related
contingent consideration N/A $4 to $5 million Operating margin 27%
to 28% 24.5% to 25.5% Tax rate 34% to 35% 34% to 35% Diluted shares
~ 50 million ~ 50 million EPS $2.10 to $2.25 $1.90 to $2.05 Webcast
Conference Call A live webcast of Gen-Probe's fourth quarter 2009
conference call for investors can be accessed at
http://www.gen-probe.com/ beginning at 4:30 p.m. Eastern Time
today. The webcast will be archived for at least 90 days. A
telephone replay of the call also will be available for
approximately 24 hours. The replay number is 800-509-8621 for
domestic callers and 203-369-3807 for international callers. About
Gen-Probe Gen-Probe Incorporated is a global leader in the
development, manufacture and marketing of rapid, accurate and
cost-effective molecular diagnostic products and services that are
used primarily to diagnose human diseases, screen donated human
blood, and ensure transplant compatibility. Gen-Probe has
approximately 27 years of NAT expertise, and received the 2004
National Medal of Technology, America's highest honor for
technological innovation, for developing NAT assays for blood
screening. Gen-Probe is headquartered in San Diego and employs
approximately 1,300 people. For more information, go to
http://www.gen-probe.com/. About Non-GAAP Financial Measures To
supplement Gen-Probe's financial results for the fourth quarter of
2009 and its 2010 financial guidance, in each case presented in
accordance with GAAP, Gen-Probe uses the following financial
measures defined as non-GAAP by the SEC: non-GAAP net income,
non-GAAP gross margin, non-GAAP marketing and sales expenses,
non-GAAP G&A expenses, non-GAAP operating margin, non-GAAP
income tax rate, and non-GAAP EPS. Gen-Probe's management does not,
nor does it suggest that investors should, consider such non-GAAP
financial measures in isolation from, or as a substitute for,
financial information prepared and presented in accordance with
GAAP. Gen-Probe's management believes that these non-GAAP financial
measures provide meaningful supplemental information regarding the
Company's performance by excluding certain expenses that may not be
indicative of core business results. Gen-Probe believes that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing Gen-Probe's performance and when
planning, forecasting and analyzing future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to Gen-Probe's historical performance and our
competitors' operating results. Gen-Probe believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making.
Further, our reconciliations of non-GAAP to GAAP operating results,
which are included on the attached tables, are presented in the
format of consolidated statements of income solely to assist a
reader in understanding the impact of the various adjustments to
our GAAP operating results, individually and in the aggregate, and
are not intended to place any undue prominence on our non-GAAP
operating results. Trademarks APTIMA, APTIMA COMBO 2 and TIGRIS are
trademarks of Gen-Probe. PROCLEIX and ULTRIO are trademarks of
Novartis. All other trademarks are the property of their owners.
Caution Regarding Forward-Looking Statements Any statements in this
news release about our expectations, beliefs, plans, objectives,
assumptions or future events or performance, including those under
the heading "2010 Financial Guidance," are not historical facts and
are forward-looking statements. These statements are often, but not
always, made through the use of words or phrases such as believe,
will, expect, anticipate, estimate, intend, plan and would. For
example, statements concerning Gen-Probe's financial condition,
possible or expected results of operations, regulatory approvals,
future milestones, growth opportunities, and plans of management
are all forward-looking statements. Forward-looking statements are
not guarantees of performance. They involve known and unknown
risks, uncertainties and assumptions that may cause actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied. Some of these risks,
uncertainties and assumptions include but are not limited to: (i)
the risk that we may not achieve our expected 2010 financial
targets, (ii) the risk that we may not integrate acquisitions, such
as Tepnel and Prodesse, successfully, (iii) the possibility that
the market for the sale of our new products, such as our PANTHER
system and PROGENSA PCA3, APTIMA HPV and APTIMA trichomonas assays,
may not develop as expected, (iv) the enhancement of existing
products and the development of new products may not proceed as
planned, (v) the risk that investigational products, including
those now in US clinical trials, may not be approved by regulatory
authorities or become commercially available in the time frame we
anticipate, or at all, (vi) the risk that we may not be able to
compete effectively, (vii) the risk that we may not be able to
maintain our current corporate collaborations and enter into new
corporate collaborations or customer contracts, (viii) our
dependence on Novartis and other third parties for the distribution
of some of our products, (ix) our dependence on a small number of
customers, contract manufacturers and single source suppliers of
raw materials, (x) changes in third-party reimbursement policies
regarding our products could adversely affect sales, (xi) changes
in government regulation or tax policy affecting our diagnostic
products could harm our sales, increase our development costs or
increase our taxes, (xii) the risk that our intellectual property
may be infringed by third parties or invalidated, and (xiii) our
involvement in patent and other intellectual property and
commercial litigation could be expensive and could divert
management's attention. This list includes some, but not all, of
the factors that could affect our ability to achieve results
described in any forward-looking statements. For additional
information about risks and uncertainties we face and a discussion
of our financial statements and footnotes, see documents we file
with the SEC, including our most recent annual report on Form 10-K
and all subsequent periodic reports. We assume no obligation and
expressly disclaim any duty to update forward-looking statements to
reflect events or circumstances after the date of this news release
or to reflect the occurrence of subsequent events. (1) In this
press release, all per share amounts are calculated on a fully
diluted basis. Non-GAAP EPS for the fourth quarter of 2009 excludes
$2.5 million of pre-tax expenses ($0.04 per share) related mainly
to the Company's acquisitions of Tepnel and Prodesse. Some totals
may not foot due to rounding. (2) Cash from operations less
purchases of property, plant and equipment. (3) In this press
release, all estimates of "constant currency" growth exclude
foreign currency fluctuations associated with revenues from
acquired companies, which were not part of Gen-Probe in 2008.
Contact: -------- Michael Watts Vice president, investor relations
and corporate communications 858-410-8673 Gen-Probe Incorporated
Consolidated Balance Sheets - GAAP (In thousands, except share and
per share data) December 31, December 31, 2009 2008 ---- ----
Assets Current assets: Cash and cash equivalents, including
restricted cash of $17 and $0 at December 31, 2009 and December 31,
2008, respectively $82,616 $60,122 Marketable securities 402,990
371,276 Trade accounts receivable, net of allowance for doubtful
accounts of $516 and $700 at December 31, 2009 and December 31,
2008, respectively 55,305 33,397 Accounts receivable - other 4,707
2,900 Inventories 61,071 54,406 Deferred income tax - short-term
16,082 7,269 Prepaid income tax 7,317 2,306 Prepaid expenses 14,747
15,094 Other current assets 4,708 6,135 ----- ----- Total current
assets 649,543 552,905 Marketable securities, net of current
portion 15,472 73,780 Property, plant and equipment, net 157,437
141,922 Capitalized software, net 12,560 13,409 Goodwill 122,247
18,621 Deferred income tax, net of current portion 8,692 12,286
Purchased intangibles, net 108,015 298 Licenses, manufacturing
access fees and other assets, net 64,601 56,310 ------ ------ Total
assets $1,138,567 $869,531 ========== ======== Liabilities and
stockholders' equity Current liabilities: Accounts payable $26,750
$16,050 Accrued salaries and employee benefits 27,093 25,093 Other
accrued expenses 18,027 4,027 Short-term borrowings 240,841 -
Deferred income tax 2,123 - Deferred revenue 3,527 1,278 -----
----- Total current liabilities 318,361 46,448 Non-current income
tax payable 5,958 4,773 Deferred income tax, net of current portion
31,912 55 Deferred revenue, net of current portion 1,978 2,333
Other long-term liabilities 13,183 2,162 Commitments and
contingencies Stockholders' equity: Preferred stock, $0.0001 par
value per share, 20,000,000 shares authorized, none issued and
outstanding - - Common stock, $0.0001 par value per share;
200,000,000 shares authorized, 49,143,798 and 52,920,971 shares
issued and outstanding at December 31, 2009 and December 31, 2008,
respectively 5 5 Additional paid-in capital 242,615 382,544
Accumulated other comprehensive income 4,616 3,055 Retained
earnings 519,939 428,156 ------- ------- Total stockholders' equity
767,175 813,760 ------- ------- Total liabilities and stockholders'
equity $1,138,567 $869,531 ========== ======== Gen-Probe
Incorporated Consolidated Statements of Income - GAAP (In
thousands, except per share data) Three Months Ended Twelve Months
Ended December 31, December 31, ------------ ------------ 2009 2008
2009 2008 ---- ---- ---- ---- Revenues: Product sales $135,470
$105,759 $483,759 $429,220 Collaborative research revenue 2,049
2,128 7,911 20,581 Royalty and license revenue 1,351 1,254 6,632
22,894 ----- ----- ----- ------ Total revenues 138,870 109,141
498,302 472,695 Operating expenses: Cost of product sales
(excluding acquisition- related intangible amortization) 44,454
32,202 152,393 128,029 Acquisition- related intangible amortization
1,894 - 4,144 - Research and development 27,428 24,158 105,970
101,099 Marketing and sales 15,306 11,780 53,853 45,850 General and
administrative 14,925 13,806 61,828 52,322 ------ ------ ------
------ Total operating expenses 104,007 81,946 378,188 327,300
------- ------ ------- ------- Income from operations 34,863 27,195
120,114 145,395 Other income/ (expense): Investment and interest
income 1,923 4,527 21,603 16,801 Interest expense (392) - (1,857) -
Other income/ (expense) 769 (683) (58) (1,333) --- ---- --- ------
Total other income, net 2,300 3,844 19,688 15,468 ----- -----
------ ------ Income before income tax 37,163 31,039 139,802
160,863 Income tax expense 13,138 9,899 48,019 53,909 ------ -----
------ ------ Net income $24,025 $21,140 $91,783 $106,954 =======
======= ======= ======== Net income per share: Basic $0.49 $0.40
$1.82 $1.98(4) ===== ===== ===== ====== Diluted $0.48 $0.39 $1.79
$1.95 ===== ===== ===== ===== Weighted average shares outstanding:
Basic 48,923 53,191 50,356 53,740 ====== ====== ====== ======
Diluted 49,458 53,823 50,965 54,785 ====== ====== ====== ====== (4)
Effective January 1, 2009, Gen-Probe adopted Financial Accounting
Standards Board guidance that addresses whether restricted stock
grants to employees have a dilutive effect on EPS. The guidance was
applied retroactively to prior periods, resulting in a $0.01
decrease in basic EPS for full year 2008. Gen-Probe Incorporated
Consolidated Statements of Income - Non-GAAP (In thousands, except
per share data) Three Months Ended December 31, 2009
----------------- Non-GAAP Adjustments GAAP -------- -----------
---- Revenues: Product sales $135,470 $- $135,470 Collaborative
research revenue 2,049 - 2,049 Royalty and license revenue 1,351 -
1,351 ----- --- ----- Total revenues 138,870 - 138,870 Operating
expenses: Cost of product sales (excluding acquisition-related
intangible amortization) 44,361 93 44,454 Acquisition-related
intangible amortization - 1,894 1,894 Research and development
27,428 - 27,428 Marketing and sales 15,209 97 15,306 General and
administrative 14,479 446 14,925 ------ --- ------ Total operating
expenses 101,477 2,530 104,007 ------- ----- ------- Income from
operations 37,393 (2,530) 34,863 Other income/(expense): Investment
and interest income 1,923 - 1,923 Interest expense (392) - (392)
Other income/(expense) 769 - 769 --- --- --- Total other income,
net 2,300 - 2,300 ----- --- ----- Income before income tax 39,693
(2,530) 37,163 Income tax expense 13,890 (752) 13,138 ------ ----
------ Net income $25,803 $(1,778) $24,025 ======= ======= =======
Net income per share: Basic $0.53 $(0.04) $0.49 ===== ====== =====
Diluted $0.52 $(0.04) $0.48 ===== ====== ===== Weighted average
shares outstanding: Basic 48,923 48,923 48,923 ====== ====== ======
Diluted 49,458 49,458 49,458 ====== ====== ====== Gen-Probe
Incorporated Consolidated Statements of Income - Non-GAAP (In
thousands, except per share data) Twelve Months Ended December 31,
2009 ----------------- Non-GAAP Adjustments GAAP --------
----------- ---- Revenues: Product sales $483,759 $- $483,759
Collaborative research revenue 7,911 - 7,911 Royalty and license
revenue 6,632 - 6,632 ----- --- ----- Total revenues 498,302 -
498,302 Operating expenses: Cost of product sales (excluding
acquisition-related intangible amortization) 152,118 275 152,393
Acquisition-related intangible amortization - 4,144 4,144 Research
and development 105,970 - 105,970 Marketing and sales 53,756 97
53,853 General and administrative 55,497 6,331 61,828 ------ -----
------ Total operating expenses 367,341 10,847 378,188 -------
------ ------- Income from operations 130,961 (10,847) 120,114
Other income/(expense): Investment and interest income 21,603 -
21,603 Interest expense (1,857) - (1,857) Other income/(expense)
(58) - (58) --- --- --- Total other income, net 19,688 - 19,688
------ --- ------ Income before income tax 150,649 (10,847) 139,802
Income tax expense 50,825 (2,806) 48,019 ------ ------ ------ Net
income $99,824 $(8,041) $91,783 ======= ======= ======= Net income
per share: Basic $1.98 $(0.16) $1.82 ===== ====== ===== Diluted
$1.95 $(0.16) $1.79 ===== ====== ===== Weighted average shares
outstanding: Basic 50,356 50,356 50,356 ====== ====== ======
Diluted 50,965 50,965 50,965 ====== ====== ====== Gen-Probe
Incorporated Consolidated Statements of Cash Flows - GAAP (In
thousands) Twelve Months Ended December 31, ------------ 2009 2008
---- ---- Operating activities: Net income $91,783 $106,954
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 40,382 34,715
Amortization of premiums on investments, net of accretion of
discounts 5,868 6,908 Stock-based compensation charges 23,420
20,663 Stock-based compensation income tax benefits 3,343 3,276
Excess tax benefit from employee stock- based compensation (2,005)
(2,493) Deferred revenue 812 (3,831) Deferred income tax (5,786)
(2,788) Gain on sale of investment in MPI - (1,600) Gain on sale of
food safety business (291) - Impairment of intangible assets -
5,086 Loss on disposal of property and equipment 221 55 Changes in
assets and liabilities: Trade and other accounts receivable
(11,303) 7,421 Inventories 2,315 (5,367) Prepaid expenses 1,218
2,325 Other current assets 1,912 (1,260) Goodwill - - Other
long-term assets (4,123) (173) Accounts payable 3,500 4,377 Accrued
salaries and employee benefits (676) 4,125 Other accrued expenses
(806) 101 Income tax payable (5,714) (499) Other long-term
liabilities 961 258 --- --- Net cash provided by operating
activities 145,032 178,253 ------- ------- Investing activities:
Proceeds from sales and maturities of marketable securities 438,601
105,994 Purchases of marketable securities (419,019) (198,691)
Purchases of property, plant and equipment (32,364) (39,348)
Capitalization of software development costs (1,290) - Purchases of
intangible assets, including licenses and manufacturing access fees
(7,341) (11,970) Net cash paid for business combinations (183,725)
- Proceeds from sale of food safety business 6,357 - Proceeds from
sale of investment in MPI - 4,100 Other assets 403 27 --- --- Net
cash used in investing activities (198,378) (139,888) --------
-------- Financing activities: Excess tax benefit from stock-based
compensation 2,005 2,493 Repurchase and retirement of restricted
stock for payment of taxes (1,716) (1,529) Repurchase and
retirement of common stock (174,847) (74,970) Proceeds from
issuance of common stock and ESPP 10,923 20,472 Borrowings, net
238,450 - ------- --- Net cash provided by (used in) financing
activities 74,815 (53,534) ------ ------- Effect of exchange rate
changes on cash and cash equivalents 1,024 (672) ---- ---- Net
increase (decrease) in cash and cash equivalents 22,494 (15,841)
Cash and cash equivalents at the beginning of year 60,122 75,963
------ ------ Cash and cash equivalents at the end of year $82,616
$60,122 ======= ======= DATASOURCE: Gen-Probe Incorporated CONTACT:
Michael Watts, Vice president, investor relations and corporate
communications of Gen-Probe Incorporated, +1-858-410-8673 Web Site:
http://www.gen-probe.com/
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