SAN DIEGO, April 28, 2011 /PRNewswire/ -- Gen-Probe
Incorporated (NASDAQ: GPRO) today reported financial results for
the first quarter of 2011, highlighted by record total revenues of
$143.0 million and non-GAAP earnings
per share (EPS) of $0.54, 13% higher
than in the prior year period.
"Gen-Probe posted solid financial results in the first quarter
of 2011, including all-time highs in product sales and total
revenues, based on the acquisition of GTI and good growth from our
PRODESSE influenza and APTIMA women's health products," said
Carl Hull, the Company's president
and chief executive officer. "In addition, all our major
pipeline initiatives remain on track, with an important new product
cycle just beginning."
Key financial results for the first quarter of 2011 were ($ in
millions, except EPS):
|
Non-GAAP
|
|
GAAP
|
|
|
2011
|
2010
|
Change
|
|
2011
|
2010
|
Change
|
|
Product sales
|
$138.1
|
$130.6
|
+6%
|
|
$138.1
|
$130.6
|
+6%
|
|
Total revenues
|
$143.0
|
$135.4
|
+6%
|
|
$143.0
|
$135.4
|
+6%
|
|
Operating profit
|
$38.9
|
$33.7
|
+15%
|
|
$34.7
|
$31.4
|
+11%
|
|
Net income
|
$26.6
|
$24.0
|
+11%
|
|
$23.3
|
$24.2
|
-4%
|
|
EPS
|
$0.54
|
$0.48
|
+13%
|
|
$0.48
|
$0.48
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Detail
Clinical diagnostics product sales established a new record in
the first quarter of 2011. Growth of 15% was driven by sales
of GTI products, which were not part of Gen-Probe in the prior year
period, by the PRODESSE influenza franchise, and by the APTIMA
Combo 2® assay for detecting Chlamydia and gonorrhea.
Foreign currency fluctuations had a minimal effect on
clinical diagnostics sales compared to the prior year period.
In blood screening, sales declined compared to the first quarter
of 2010, as expected, due mainly to lower sales of instruments to
Novartis, the Company's blood screening collaborator. Foreign
currency fluctuations reduced blood screening sales by an estimated
$0.3 million, or less than 1%,
compared to the prior year period.
Sales of research products and services in the first quarter of
2011 were $3.1 million, down 24%
compared to the prior year period due to continued weakness in
pharmaceutical outsourcing.
First quarter product sales were ($ in millions):
|
Three Months
Ended March 31,
|
|
Change
|
|
|
2011
|
2010
|
|
As
Reported
|
Constant
Currency
|
|
Clinical Diagnostics
|
$88.3
|
$76.9
|
|
+15%
|
+15%
|
|
Blood Screening
|
$46.7
|
$49.6
|
|
-6%
|
-5%
|
|
Research Products and
Services
|
$3.1
|
$4.1
|
|
-24%
|
-25%
|
|
Total Product Sales
|
$138.1
|
$130.6
|
|
+6%
|
+6%
|
|
|
|
|
|
|
|
|
|
Collaborative research revenues in the first quarter of 2011
were $3.6 million, compared to
$3.3 million in the prior year
period, an increase of 9% that resulted primarily from increased
funding from Novartis associated with the development of the fully
automated PANTHER™ instrument and the PROCLEIX® ULTRIO® Plus assay
for the blood screening market.
Royalty and license revenues in the first quarter of 2011 were
$1.4 million, compared to
$1.6 million in the prior year
period, a decrease of 13% that resulted from the combined effect of
several small items.
GAAP Income Statement Details
Gross margin on product sales was 69.6% in the first quarter of
2011, compared to 67.3% in the prior year period. This
increase resulted mainly from a favorable product sales mix, namely
higher sales of PRODESSE and APTIMA products, and lower sales of
instrumentation.
Acquisition-related amortization expenses were $2.8 million in the first quarter of 2011,
compared to $2.2 million in the prior
year period, an increase of 27% that resulted mainly from the
acquisition of GTI in December of 2010.
Research and development (R&D) expenses were $29.0 million in the first quarter of 2011,
compared to $29.7 million in the
prior year period, a decrease of 2% that resulted primarily from
lower clinical trial expenses.
Marketing and sales expenses were $16.5
million in the first quarter of 2011, compared to
$14.8 million in the prior year
period, an increase of 12% that resulted primarily from the
addition of GTI's cost structure, and European sales force
expansion and market development efforts.
General and administrative (G&A) expenses were $18.2 million in the first quarter of 2011,
compared to $14.7 million in the
prior year period, an increase of 24% that resulted primarily from
the addition of GTI's cost structure and costs associated with the
Company's patent infringement litigation against Becton, Dickinson.
Total other income was $0.4
million in the first quarter of 2011, compared to
$4.9 million in the prior year
period. This significant decrease resulted primarily from the
absence of a non-cash gain related to a change in the fair value of
contingent consideration, lower net realized gains on sales of
marketable securities, lower yields on the Company's municipal bond
portfolio, and lower investment balances due to cash used for share
repurchases and the acquisition of GTI.
Income tax expense was $11.8
million in the first quarter of 2011, corresponding to a tax
rate of 34%.
Non-GAAP Income Statement Details
Excluding $0.1 million of
acquisition-related depreciation expense, gross margin on product
sales was 69.7% in the first quarter of 2011, compared to 67.4% in
the prior year period.
Excluding transaction-related and restructuring costs, G&A
expenses were $16.8 million in the
first quarter of 2011, compared to $14.7
million in the prior year period.
Total other income was $0.4
million in the first quarter of 2011, compared to
$3.2 million in the prior year
period. The prior year amount excludes the non-cash gain
related to a change in the fair value of contingent
consideration.
Income tax expense was $12.8
million in the first quarter of 2011, corresponding to a tax
rate of 32%.
Cash Flows and Balance Sheet
In the first quarter of 2011, Gen-Probe generated net cash of
$40.1 million from operating
activities, substantially higher than GAAP net income of
$23.3 million. The Company
spent $10.8 million on property,
plant and equipment in the quarter, leading to free cash flow of
$29.3 million. The Company
repurchased approximately 756,000 shares of its stock in the first
quarter for $48.0 million.
Gen-Probe continues to have a strong balance sheet. As of
March 31, 2011, the Company had
$491.3 million of cash, cash
equivalents and marketable securities, and $250 million of short-term debt. The
Company pays interest on this debt at a rate 0.6% above the
one-month London Interbank Offered Rate (LIBOR), which was recently
below 0.3%.
2011 Financial Guidance
Gen-Probe is reiterating its 2011 financial guidance, which was
introduced on February 15.
"We continue to anticipate that 2011 will be a good year
financially for Gen-Probe," said Herm
Rosenman, the Company's senior vice president, finance, and
chief financial officer. "We forecast continued,
high-single-digit growth in product sales. We also expect
improving gross and operating margins to drive solid earnings
growth, despite increased legal expenses and substantially lower
non-operating income."
Gen-Probe's 2011 financial guidance is provided in the table
below:
|
Non-GAAP
|
GAAP
|
|
Total revenues
|
$570 to $595
million
|
$570 to $595
million
|
|
Product gross
margins
|
68% to
69.5%
|
68% to
69.5%
|
|
Acquisition-related
amortization and
other transaction
expense
|
N/A
|
$13 to 14
million
|
|
Operating
margin
|
27% to
29%
|
25% to
27%
|
|
Tax rate
|
32% to
33%
|
32% to
33%
|
|
Diluted shares
|
48 to 49
million
|
48 to 49
million
|
|
EPS
|
$2.28 to
$2.40
|
$2.06 to
$2.20
|
|
|
|
|
Webcast Conference Call
A live webcast of Gen-Probe's first quarter 2011 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. Call 800-839-5573 (domestic) or
402-220-2075 (international).
About Gen-Probe
Gen-Probe 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 is headquartered in
San Diego and employs
approximately 1,400 people. For more information, go to
www.gen-probe.com.
About Non-GAAP Financial Measures
Gen-Probe's management believes that 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. To supplement the
Company's financial results for the first quarter of 2011 and its
2011 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
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, TIGRIS and PANTHER are trademarks of
Gen-Probe. 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 "2011 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, the development and
commercialization of new products, 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 2011
financial targets, (ii) the risk that we may not integrate
acquisitions, such as Tepnel, Prodesse and GTI, successfully, (iii)
the possibility that the market for the sale of our new products,
such as our PANTHER instrument 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.
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)
|
|
|
March
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 93,563
|
|
$ 59,690
|
|
Marketable
securities
|
177,908
|
|
170,648
|
|
Trade accounts receivable,
net of allowance for doubtful accounts
of $405 and $355 at March
31, 2011 and December 31, 2010,
respectively
|
59,633
|
|
54,739
|
|
|
|
|
|
|
Accounts receivable —
other
|
3,548
|
|
5,493
|
|
Inventories
|
65,180
|
|
66,416
|
|
Deferred income
tax
|
13,774
|
|
13,634
|
|
Prepaid income
tax
|
26
|
|
2,993
|
|
Prepaid
expenses
|
13,837
|
|
11,672
|
|
Other current
assets
|
5,698
|
|
5,148
|
|
Total current assets
|
433,167
|
|
390,433
|
|
Marketable securities, net of
current portion
|
219,808
|
|
259,317
|
|
Property, plant and equipment,
net
|
163,538
|
|
160,863
|
|
Capitalized software,
net
|
14,014
|
|
13,981
|
|
Patents, net
|
12,327
|
|
12,450
|
|
Goodwill
|
150,639
|
|
150,308
|
|
Purchased intangibles,
net
|
118,338
|
|
120,270
|
|
License, manufacturing access
fees and other assets, net
|
62,427
|
|
60,175
|
|
Total assets
|
$1,174,258
|
|
$1,167,797
|
|
|
|
|
|
|
Liabilities and stockholders'
equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts
payable
|
$ 11,471
|
|
$ 14,614
|
|
Accrued salaries and
employee benefits
|
19,066
|
|
26,825
|
|
Other accrued
expenses
|
16,768
|
|
13,935
|
|
Income tax
payable
|
7,649
|
|
634
|
|
Short-term
borrowings
|
250,000
|
|
240,000
|
|
Deferred income
tax
|
91
|
|
—
|
|
Deferred
revenue
|
1,460
|
|
1,166
|
|
Total current
liabilities
|
306,505
|
|
297,174
|
|
Non-current income tax
payable
|
8,864
|
|
8,315
|
|
Deferred income tax
|
27,308
|
|
29,775
|
|
Deferred revenue, net of current
portion
|
2,318
|
|
2,500
|
|
Other long-term
liabilities
|
7,149
|
|
6,654
|
|
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, 47,663,833
and 47,966,156 shares issued and
outstanding at March 31,
2011 and December 31, 2010,
respectively
|
5
|
|
5
|
|
Additional paid-in
capital
|
172,133
|
|
195,820
|
|
Accumulated other
comprehensive (loss) income
|
(177)
|
|
678
|
|
Retained
earnings
|
650,153
|
|
626,876
|
|
Total stockholders'
equity
|
822,114
|
|
823,379
|
|
Total liabilities and
stockholders' equity
|
$1,174,258
|
|
$1,167,797
|
|
|
|
|
|
|
|
Gen-Probe
Incorporated
Consolidated
Statements of Income - GAAP
(In
thousands, except per share data)
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
Product sales
|
$138,112
|
|
$130,569
|
|
Collaborative research
revenue
|
3,568
|
|
3,264
|
|
Royalty and license
revenue
|
1,358
|
|
1,586
|
|
Total revenues
|
143,038
|
|
135,419
|
|
Operating expenses:
|
|
|
|
|
Cost of product sales
(excluding acquisition-related intangible
amortization)
|
41,943
|
|
42,661
|
|
|
|
|
|
|
Acquisition-related
intangible amortization
|
2,805
|
|
2,216
|
|
Research and
development
|
28,963
|
|
29,681
|
|
Marketing and
sales
|
16,522
|
|
14,781
|
|
General and
administrative
|
18,153
|
|
14,679
|
|
Total operating
expenses
|
108,386
|
|
104,018
|
|
Income from
operations
|
34,652
|
|
31,401
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Investment and interest
income
|
735
|
|
3,898
|
|
Interest
expense
|
(503)
|
|
(546)
|
|
Gain on contingent
consideration
|
—
|
|
1,745
|
|
Other income (expense),
net
|
177
|
|
(159)
|
|
Total other income,
net
|
409
|
|
4,938
|
|
Income before income
tax
|
35,061
|
|
36,339
|
|
Income tax expense
|
11,784
|
|
12,146
|
|
Net income
|
$ 23,277
|
|
$24,193
|
|
Net income per share:
|
|
|
|
|
Basic
|
$ 0.49
|
|
$ 0.49
|
|
Diluted
|
$ 0.48
|
|
$ 0.48
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
47,861
|
|
49,233
|
|
Diluted
|
49,004
|
|
49,739
|
|
|
|
|
|
|
|
Gen-Probe
Incorporated
Consolidated
Statements of Income – Non-GAAP Reconciliations
(In
thousands, except per share data)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2011
|
|
March 31,
2010
|
|
|
Non-GAAP
|
Adjustments
|
GAAP
|
|
Non-GAAP
|
Adjustments
|
GAAP
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Product sales
|
$138,112
|
$ —
|
$138,112
|
|
$130,569
|
$ —
|
$130,569
|
|
Collaborative research
revenue
|
3,568
|
—
|
3,568
|
|
3,264
|
—
|
3,264
|
|
Royalty and license
revenue
|
1,358
|
—
|
1,358
|
|
1,586
|
—
|
1,586
|
|
Total revenues
|
143,038
|
—
|
143,038
|
|
135,419
|
—
|
135,419
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of product
sales
(excluding
acquisition-
related intangible
amortization)
|
41,852
|
91
|
41,943
|
|
42,570
|
91
|
42,661
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
intangible
amortization
|
—
|
2,805
|
2,805
|
|
—
|
2,216
|
2,216
|
|
Research and
development
|
28,963
|
—
|
28,963
|
|
29,681
|
—
|
29,681
|
|
Marketing and
sales
|
16,522
|
—
|
16,522
|
|
14,781
|
—
|
14,781
|
|
General and
administrative
|
16,800
|
1,353
|
18,153
|
|
14,652
|
27
|
14,679
|
|
Total operating
expenses
|
104,137
|
4,249
|
108,386
|
|
101,684
|
2,334
|
104,018
|
|
Income from
operations
|
38,901
|
(4,249)
|
34,652
|
|
33,735
|
(2,334)
|
31,401
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Investment and interest
income
|
735
|
—
|
735
|
|
3,898
|
—
|
3,898
|
|
Interest
expense
|
(503)
|
—
|
(503)
|
|
(546)
|
—
|
(546)
|
|
Gain on contingent
consideration
|
—
|
—
|
—
|
|
—
|
1,745
|
1,745
|
|
Other income (expense),
net
|
177
|
—
|
177
|
|
(159)
|
—
|
(159)
|
|
Total other income,
net
|
409
|
—
|
409
|
|
3,193
|
1,745
|
4,938
|
|
Income before income
tax
|
39,310
|
(4,249)
|
35,061
|
|
36,928
|
(589)
|
36,339
|
|
Income tax expense
|
12,756
|
(972)
|
11,784
|
|
12,957
|
(811)
|
12,146
|
|
Net income
|
$ 26,554
|
$(3,277)
|
$ 23,277
|
|
$ 23,971
|
$222
|
$ 24,193
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
Basic
|
$ 0.55
|
$ (0.06)
|
$ 0.49
|
|
$ 0.49
|
$ —
|
$ 0.49
|
|
Diluted
|
$ 0.54
|
$ (0.06)
|
$ 0.48
|
|
$ 0.48
|
$ —
|
$ 0.48
|
|
Weighted average
shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
47,861
|
—
|
47,861
|
|
49,233
|
—
|
49,233
|
|
Diluted
|
49,004
|
—
|
49,004
|
|
49,739
|
—
|
49,739
|
|
|
|
|
|
|
|
|
|
Gen-Probe
Incorporated
Consolidated
Statements of Cash Flows - GAAP
(In
thousands)
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$ 23,277
|
|
$ 24,193
|
|
Adjustments to reconcile
net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
11,345
|
|
11,308
|
|
Amortization of premiums
on investments, net of accretion of discounts
|
2,673
|
|
2,216
|
|
Stock-based
compensation
|
6,036
|
|
5,902
|
|
Excess tax benefit from
employee stock-based compensation
|
(1,425)
|
|
(1,596)
|
|
Deferred
revenue
|
97
|
|
(833)
|
|
Deferred income
tax
|
(615)
|
|
(1,360)
|
|
Gain on contingent
consideration
|
—
|
|
(1,745)
|
|
Loss on disposal of
property and equipment
|
24
|
|
47
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Trade and other accounts
receivable
|
(2,816)
|
|
7,696
|
|
Inventories
|
3,420
|
|
1,110
|
|
Prepaid
expenses
|
(2,116)
|
|
(2,200)
|
|
Other current
assets
|
(536)
|
|
(95)
|
|
Other long-term
assets
|
(132)
|
|
(257)
|
|
Accounts
payable
|
(3,196)
|
|
(8,065)
|
|
Accrued salaries and
employee benefits
|
(7,847)
|
|
(5,256)
|
|
Other accrued
expenses
|
(40)
|
|
(1,630)
|
|
Income tax
payable
|
11,500
|
|
11,827
|
|
Other long-term
liabilities
|
456
|
|
(575)
|
|
Net cash provided by operating
activities
|
40,105
|
|
40,687
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Proceeds from sales and
maturities of marketable securities
|
30,460
|
|
139,425
|
|
Purchases of marketable
securities
|
(5,731)
|
|
(71,390)
|
|
Purchases of property, plant and
equipment
|
(10,762)
|
|
(7,828)
|
|
Purchases of capitalized
software
|
(780)
|
|
(1,089)
|
|
Purchases of intangible assets,
including licenses and manufacturing access fees
|
(923)
|
|
(722)
|
|
Other
|
501
|
|
(310)
|
|
Net cash provided by investing
activities
|
12,765
|
|
58,086
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Repurchase and retirement of
common stock
|
(47,972)
|
|
(10,961)
|
|
Proceeds from issuance of common
stock and employee stock purchase plan
|
17,390
|
|
16,912
|
|
Repurchase and retirement of
restricted stock for payment of taxes
|
(358)
|
|
(39)
|
|
Excess tax benefit from employee
stock-based compensation
|
1,425
|
|
1,596
|
|
Borrowings, net
|
10,000
|
|
—
|
|
Net cash (used in) provided by
financing activities
|
(19,515)
|
|
7,508
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
518
|
|
(1,620)
|
|
Net increase in cash and cash
equivalents
|
33,873
|
|
104,661
|
|
Cash and cash equivalents at the
beginning of period
|
59,690
|
|
82,616
|
|
Cash and cash equivalents at the
end of period
|
$ 93,563
|
|
$ 187,277
|
|
|
|
|
|
|
|
SOURCE Gen-Probe Incorporated