- Total Revenues Increase 15%, to $138.6 Million, Driven by Blood Screening, Women's Health and Prodesse Products
- Company Posts Non-GAAP EPS(1) of $0.52(2), 16% Higher than in the Prior Year Period, and GAAP EPS of $0.57
- Strong Cash Generation Continues, with $34.4 Million of Free Cash Flow(3) in Quarter
SAN DIEGO, July 29, 2010 /PRNewswire via COMTEX/ -- Gen-Probe Incorporated (Nasdaq: GPRO) today reported financial results for the second quarter of 2010, highlighted by 14% growth in product sales, 15% growth in total revenues, and 16% growth in non-GAAP earnings per share (EPS).
"Gen-Probe's second quarter financial results demonstrate our ability to drive growth and execute on our financial goals in a challenging business environment," said Carl Hull, the Company's president and chief executive officer. "At the same time, we made important progress on four US regulatory filings and three European product launches that we expect to create an important new product cycle over the balance of this year and into 2011."
Key financial results for the second quarter of 2010 were ($ in millions, except EPS):
Non-GAAP GAAP
-------- ----
2010 2009 Change 2010 2009 Change
---- ---- ---- ---- ------
Product sales $132.7 $116.8 +14% $132.7 $116.8 +14%
Total revenues $138.6 $120.5 +15% $138.6 $120.5 +15%
Operating profit $37.2 $27.7 +34% $34.2 $23.2 +47%
Net income $26.0 $23.2(4) +12% $28.1 $19.8(4) +42%
EPS $0.52 $0.45 +16% $0.57 $0.38 +50%
Revenue Detail
Clinical diagnostics sales growth in the second quarter of 2010 was driven by the APTIMA Combo 2(R) assay for detecting Chlamydia and gonorrhea, and Prodesse products, which were not part of Gen-Probe in the prior year period. Compared to the prior year period, foreign exchange fluctuations reduced clinical diagnostics sales by an estimated $0.1 million, or less than 1%.
In the second quarter, blood screening sales increased based on:
- Higher shipments of PROCLEIX(R) ULTRIO(R) and West Nile virus assays, especially in comparison to lower-than-average ordering in the prior year period.
- Increased sales of TIGRIS(R) instruments to Novartis, the Company's blood screening collaboration partner.
- The contractual increase in the share of revenues Gen-Probe receives under its collaboration with Novartis.
- Foreign exchange fluctuations, which added an estimated $0.5 million, or 1%, to blood screening sales.
Sales of research products and services in the second quarter of 2010 were $3.2 million, compared to $3.6 million in the prior year period, a decrease of 11% that resulted mainly from the divestiture of the BioKits food testing business late in 2009, and foreign exchange fluctuations.
Second quarter product sales were ($ in millions):
Three Months Ended
June 30, Change
------------------ ------
2010 2009 As Constant
---- ---- Reported Currency(5)
-------- -----------
Clinical
Diagnostics $73.9 $67.4 +10% +10%
Blood Screening $55.7 $45.8 +22% +20%
Research Products
and $3.2 $3.6 -11% -8%
Services ---- ---- --- ---
--------
Total Product Sales $132.7 $116.8 +14% +13%
Collaborative research revenues in the second quarter of 2010 were $4.1 million, compared to $2.2 million in the prior year period, an increase of 86% that resulted primarily from increased funding from Novartis associated with the development of the fully automated PANTHER(TM) instrument for the blood screening market.
Royalty and license revenues in the second quarter of 2010 were $1.8 million, compared to $1.5 million in the prior year period, an increase of 20%.
Expense Detail
Gross margin on product sales in the second quarter of 2010 was 66.7% on a non-GAAP basis, compared to 67.3% in the prior year period. This decrease resulted mainly from increased sales of low-margin instruments, which are generally a precursor to future assay sales. On a GAAP basis, including $0.1 million of acquisition-related depreciation expense, gross margin on product sales was 66.6% in the second quarter of 2010, compared to 67.2% in the prior year period.
On a GAAP basis, acquisition-related amortization expenses were $2.2 million in the second quarter of 2010, compared to $1.1 million in the prior year period, an increase of 100% that resulted primarily from the October 2009 acquisition of Prodesse and its related intangible assets.
Research and development (R&D) expenses in the second quarter of 2010 were $27.1 million, compared to $26.1 million in the prior year period, an increase of 4% that resulted primarily from expenses associated with the Company's development programs for its PANTHER instrument and PCA3 and trichomonas assays, and from the addition of Prodesse's R&D activities.
Marketing and sales expenses in the second quarter of 2010 were $15.8 million, compared to $14.0 million in the prior year period, an increase of 13% that resulted primarily from European sales force expansion and market development efforts.
General and administrative (G&A) expenses in the second quarter of 2010 were $14.3 million on a non-GAAP basis, compared to $14.6 million in the prior year period, a decrease of 2% that resulted primarily from cost-containment efforts. On a GAAP basis, including transaction-related costs, G&A expenses were $15.0 million in the second quarter of 2010, compared to $17.8 million in the prior year period, a decrease of 16% that resulted mainly from fees associated with the acquisition of Tepnel in the prior year period.
Total other income in the second quarter of 2010 was $2.5 million on a non-GAAP basis, compared to $8.5 million in the prior year period. This significant decrease resulted primarily from lower realized gains from the sale of marketable securities, lower yields on the Company's municipal bond portfolio, and lower investment balances due to share repurchases and the acquisition of Prodesse. On a GAAP basis, including a $4.3 million non-cash gain on a change in the fair value of potential contingent payments, total other income was $6.9 million in the second quarter of 2010.
In the second quarter of 2010, Gen-Probe generated net cash of $41.1 million from operating activities, and spent $6.7 million on property, plant and equipment in the quarter, leading to free cash flow of $34.4 million. The Company repurchased approximately 910,500 shares of its stock in the second quarter for $41.3 million.
Gen-Probe continues to have a strong balance sheet. As of June 30, 2010, the Company had $474.8 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 0.4%. Updated 2010 Financial Guidance
-------------------------------
Current Previous
Guidance Guidance
(non-GAAP) (non-GAAP)
---------- ----------
Total revenues $545 to $562 million $545 to $565 million
Product gross margins ~ 68% 68% to 69%
Acquisition-related
amortization and N/A N/A
transaction expense
Fair value adjustment of
acquisition- N/A N/A
related contingent
consideration
Operating margin 27% to 28% 27% to 28%
Tax rate ~ 34% 34% to 35%
Diluted shares ~ 49 million ~ 50 million
EPS $2.12 to $2.25 $2.12 to $2.25
Current Previous
Guidance Guidance
(GAAP) (GAAP)
------ ------
Total revenues $545 to $562 million $545 to $565 million
Product gross margins ~ 68% 68% to 69%
Acquisition-related
amortization and $10.5 to $11.5 million $9 to $10 million
transaction expense
Fair value adjustment of
acquisition- $5.5 million ($1 million)
related contingent
consideration
Operating margin 25% to 26% 24.5% to 25.5%
Tax rate ~ 35% 34% to 35%
Diluted shares ~ 49 million ~ 50 million
EPS $2.07 to $2.20 $1.99 to $2.12
Webcast Conference Call
A live webcast of Gen-Probe's second quarter 2010 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 866-457-5716 for domestic callers and 203-369-1294 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 expertise in nucleic acid testing (NAT), 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 www.gen-probe.com.
About Non-GAAP Financial Measures
To supplement Gen-Probe's financial results for the second quarter of 2010 and its updated 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 and adjustments 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, 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 "Updated 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 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.
(1) In this press release, all per share amounts are calculated on a fully diluted basis. Some totals may not foot due to rounding. Certain prior year amounts have been reclassified to conform to the current year presentation.
(2) Non-GAAP EPS for the second quarter of 2010 excludes $3.0 million of transaction-related operating expense, and a $4.3 million gain on contingent consideration associated with the Prodesse acquisition.
(3) Cash from operations less purchases of property, plant and equipment.
(4) In the prior year period, net income benefited from $10.1 million of investment and interest income, compared to $3.3 million in the second quarter of 2010.
(5) In this press release, estimates of "constant currency" growth exclude currency fluctuations associated with revenues from Prodesse, which was not part of Gen-Probe in the second quarter of 2009. Gen-Probe Incorporated
Consolidated Balance Sheets - GAAP
(In thousands, except share and per share data)
June 30, Dec. 31,
2010 2009
---- ----
(unaudited)
Assets
Current assets:
Cash and cash equivalents, including
restricted cash of $15 and $17 at June 30,
2010 $174,922 $82,616
and December 31, 2009, respectively
Marketable securities 288,718 402,990
Trade accounts receivable, net of allowance
for doubtful accounts of $339 and $516 at 55,415 55,305
June 30, 2010 and December 31, 2009,
respectively
Accounts receivable - other 5,776 4,707
Inventories 57,754 61,071
Deferred income tax 14,466 13,959
Prepaid income tax 1,433 7,317
Prepaid expenses 12,794 14,747
Other current assets 3,758 4,708
----- -----
Total current assets 615,036 647,420
Marketable securities, net of current
portion 11,130 15,472
Property, plant and equipment, net 157,782 157,437
Capitalized software, net 12,711 12,560
Goodwill 121,942 122,680
Purchased intangibles, net 102,813 108,015
License, manufacturing access fees and other
assets, net 113,001 64,601
Total assets $1,134,415 $1,128,185
========== ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $18,850 $26,750
Accrued salaries and employee benefits 22,594 27,093
Other accrued expenses 19,561 18,460
Income tax payable 1,372 -
Short-term borrowings 240,796 240,841
Deferred revenue 2,616 3,527
----- -----
Total current liabilities 305,789 316,671
Non-current income tax payable 6,287 5,958
Deferred income tax 21,899 23,220
Deferred revenue, net of current portion 1,532 1,978
Other long-term liabilities 3,944 13,183
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, 5 5
48,710,930 and 49,143,798 shares issued and
outstanding at June 30, 2010 and
December 31, 2009, respectively
Additional paid-in capital 223,452 242,615
Accumulated other comprehensive income
(loss) (733) 4,616
Retained earnings 572,240 519,939
Total stockholders' equity 794,964 767,175
------- -------
Total liabilities and stockholders' equity $1,134,415 $1,128,185
========== ==========
Gen-Probe Incorporated
Consolidated Statements of Income - GAAP
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
---- ---- ---- ----
Revenues:
Product sales $132,734 $116,816 $263,303 $229,338
Collaborative research
revenue 4,141 2,187 7,405 3,862
Royalty and license
revenue 1,774 1,542 3,360 3,528
----- ----- ----- -----
Total revenues 138,649 120,545 274,068 236,728
Operating expenses:
Cost of product sales
(excluding acquisition- 44,311 38,280 86,972 71,594
related intangible
amortization)
Acquisition-related
intangible amortization 2,199 1,114 4,415 1,114
Research and development 27,104 26,069 56,785 51,067
Marketing and sales 15,824 14,015 30,605 25,070
General and
administrative 15,018 17,823 29,697 31,670
------ ------ ------ ------
Total operating expenses 104,456 97,301 208,474 180,515
------- ------ ------- -------
Income from operations 34,193 23,244 65,594 56,213
Other income/(expense):
Investment and interest
income 3,269 10,122 7,167 15,004
Interest expense (549) (726) (1,095) (877)
Gain on contingent
consideration 4,337 - 6,082 -
Other expense, net (190) (895) (349) (1,037)
---- ---- ---- ------
Total other income, net 6,867 8,501 11,805 13,090
----- ----- ------ ------
Income before income tax 41,060 31,745 77,399 69,303
Income tax expense 12,950 11,930 25,096 23,741
Net income $28,110 $19,815 $52,303 $45,562
======= ======= ======= =======
Net income per share:
Basic $0.57 $0.39 $1.06 $0.88
===== ===== ===== =====
Diluted $0.57 $0.38 $1.05 $0.87
===== ===== ===== =====
Weighted average shares
outstanding:
Basic 48,902 51,034 49,066 51,600
====== ====== ====== ======
Diluted 49,366 51,739 49,549 52,291
====== ====== ====== ======
Gen-Probe Incorporated
Consolidated Statements of Income
(In thousands, except per share data)
(unaudited)
Three Months Ended
June 30, 2010
Non-GAAP Adjustments GAAP
-------- ----------- ----
Revenues:
Product sales $132,734 $- $132,734
Collaborative research
revenue 4,141 - 4,141
Royalty and license
revenue 1,774 - 1,774
----- --- -----
Total revenues 138,649 - 138,649
Operating expenses:
Cost of product sales
(excluding 44,221 90 44,311
acquisition-related
intangible
amortization)
Acquisition-related
intangible - 2,199 2,199
amortization
Research and development 27,104 - 27,104
Marketing and sales 15,824 - 15,824
General and
administrative 14,349 669 15,018
------ --- ------
Total operating expenses 101,498 2,958 104,456
------- ----- -------
Income from operations 37,151 (2,958) 34,193
Other income/(expense):
Investment and interest
income 3,269 - 3,269
Interest expense (549) - (549)
Gain on contingent
consideration - 4,337 4,337
Other expense, net (190) - (190)
---- --- ----
Total other income, net 2,530 4,337 6,867
----- ----- -----
Income before income tax 39,681 1,379 41,060
Income tax expense 13,720 (770) 12,950
Net income $25,961 $2,149 $28,110
======= ====== =======
Net income per share:
Basic $0.53 $0.04 $0.57
===== ===== =====
Diluted $0.52 $0.05 $0.57
===== ===== =====
Weighted average shares
outstanding:
Basic 48,902 - 48,902
====== === ======
Diluted 49,366 - 49,366
====== === ======
Three Months Ended
June 30, 2009
Non-GAAP Adjustments GAAP
-------- ----------- ----
Revenues:
Product sales $116,816 $- $116,816
Collaborative research
revenue 2,187 - 2,187
Royalty and license
revenue 1,542 - 1,542
----- --- -----
Total revenues 120,545 - 120,545
Operating expenses:
Cost of product sales
(excluding 38,190 90 38,280
acquisition-related
intangible
amortization)
Acquisition-related
intangible - 1,114 1,114
amortization
Research and development 26,069 - 26,069
Marketing and sales 14,015 - 14,015
General and
administrative 14,619 3,204 17,823
------ ----- ------
Total operating expenses 92,893 4,408 97,301
------ ----- ------
Income from operations 27,652 (4,408) 23,244
Other income/(expense):
Investment and interest
income 10,122 - 10,122
Interest expense (726) - (726)
Gain on contingent
consideration - - -
Other expense, net (895) - (895)
---- --- ----
Total other income, net 8,501 - 8,501
----- --- -----
Income before income tax 36,153 (4,408) 31,745
Income tax expense 12,951 (1,021) 11,930
Net income $23,202 $(3,387) $19,815
======= ======= =======
Net income per share:
Basic $0.45 $(0.06) $0.39
===== ====== =====
Diluted $0.45 $(0.07) $0.38
===== ====== =====
Weighted average shares
outstanding:
Basic 51,034 - 51,034
====== === ======
Diluted 51,739 - 51,739
====== === ======
Gen-Probe Incorporated
Consolidated Statements of Income
(In thousands, except per share data)
(unaudited)
Six Months Ended
June 30, 2010
Non-GAAP Adjustments GAAP
-------- ----------- ----
Revenues:
Product sales $263,303 $- $263,303
Collaborative research
revenue 7,405 - 7,405
Royalty and license revenue 3,360 - 3,360
----- --- -----
Total revenues 274,068 - 274,068
Operating expenses:
Cost of product sales
(excluding 86,791 181 86,972
acquisition-related
intangible
amortization)
Acquisition-related
intangible amortization - 4,415 4,415
Research and development 56,785 - 56,785
Marketing and sales 30,605 - 30,605
General and administrative 29,001 696 29,697
------ --- ------
Total operating expenses 203,182 5,292 208,474
------- ----- -------
Income from operations 70,886 (5,292) 65,594
Other income/(expense):
Investment and interest
income 7,167 - 7,167
Interest expense (1,095) - (1,095)
Gain on contingent
consideration - 6,082 6,082
Other expense, net (349) - (349)
---- --- ----
Total other income, net 5,723 6,082 11,805
----- ----- ------
Income before income tax 76,609 790 77,399
Income tax expense 26,677 (1,581) 25,096
Net income $49,932 $2,371 $52,303
======= ====== =======
Net income per share:
Basic $1.01 $0.05 $1.06
===== ===== =====
Diluted $1.00 $0.05 $1.05
===== ===== =====
Weighted average shares
outstanding:
Basic 49,066 - 49,066
====== === ======
Diluted 49,549 - 49,549
====== === ======
Six Months Ended
June 30, 2009
Non-GAAP Adjustments GAAP
-------- ----------- ----
Revenues:
Product sales $229,338 $- $229,338
Collaborative research
revenue 3,862 - 3,862
Royalty and license revenue 3,528 - 3,528
----- --- -----
Total revenues 236,728 - 236,728
Operating expenses:
Cost of product sales
(excluding 71,504 90 71,594
acquisition-related
intangible
amortization)
Acquisition-related
intangible amortization - 1,114 1,114
Research and development 51,067 - 51,067
Marketing and sales 25,070 - 25,070
General and administrative 26,864 4,806 31,670
------ ----- ------
Total operating expenses 174,505 6,010 180,515
------- ----- -------
Income from operations 62,223 (6,010) 56,213
Other income/(expense):
Investment and interest
income 15,004 - 15,004
Interest expense (877) - (877)
Gain on contingent
consideration - - -
Other expense, net (1,037) - (1,037)
------ --- ------
Total other income, net 13,090 - 13,090
------ --- ------
Income before income tax 75,313 (6,010) 69,303
Income tax expense 25,069 (1,328) 23,741
Net income $50,244 $(4,682) $45,562
======= ======= =======
Net income per share:
Basic $0.97 $(0.09) $0.88
===== ====== =====
Diluted $0.96 $(0.09) $0.87
===== ====== =====
Weighted average shares
outstanding:
Basic 51,600 - 51,600
====== === ======
Diluted 52,291 - 52,291
====== === ======
Gen-Probe Incorporated
Consolidated Statements of Cash Flows - GAAP
(In thousands)
(unaudited)
Six Months Ended
June 30,
--------
2010 2009
---- ----
Operating activities:
Net income $52,303 $45,562
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 22,628 19,463
Amortization of premiums on investments,
net of accretion of discounts 4,523 2,720
Stock-based compensation 12,338 11,405
Stock-based compensation income tax
benefits 2,096 310
Excess tax benefit from employee stock-
based compensation (919) (702)
Deferred revenue (1,241) (255)
Deferred income tax (1,930) (1,134)
Gain on contingent consideration (6,082) -
Loss on disposal of property and equipment 143 69
Changes in assets and liabilities:
Trade and other accounts receivable (1,494) 1,372
Inventories 2,998 3,890
Prepaid expenses 1,907 2,835
Other current assets 918 2,081
Other long-term assets 390 (2,486)
Accounts payable (7,082) (2,218)
Accrued salaries and employee benefits (4,336) (7,272)
Other accrued expenses (1,086) 1,337
Income tax payable 6,434 (3,704)
Other long-term liabilities (684) 335
Net cash provided by operating activities 81,824 73,608
------ ------
Investing activities:
Proceeds from sales and maturities of
marketable securities 279,853 293,504
Purchases of marketable securities (166,290) (189,091)
Purchases of property, plant and equipment (14,567) (14,666)
Purchases of capitalized software (1,457) (288)
Purchases of intangible assets, including
licenses and manufacturing access fees (1,365) (811)
Net cash paid for business combinations - (123,816)
Cash paid for investment in Pacific
Biosciences (50,000) -
Cash paid for investment in DiagnoCure and
related license fees (500) (5,250)
Other (1,967) (289)
Net cash provided by (used in) investing
activities 43,707 (40,707)
------ -------
Financing activities:
Repurchase and retirement of common stock (52,299) (105,577)
Proceeds from issuance of common stock and
ESPP 20,062 3,777
Repurchase and retirement of restricted
stock for payment of taxes (43) (38)
Excess tax benefit from stock-based
compensation 919 702
Borrowings under credit facility - 238,450
Net cash (used in) provided by financing
activities (31,361) 137,314
------- -------
Effect of exchange rate changes on cash and
cash equivalents (1,864) 1,918
------ -----
Net increase in cash and cash equivalents 92,306 172,133
Cash and cash equivalents at the beginning
of period 82,616 60,122
Cash and cash equivalents at the end of
period $174,922 $232,255
======== ========
Contact:
Michael Watts
Vice president, investor relations and corporate communications
858-410-8673
SOURCE Gen-Probe Incorporated |
