Added GPRO at 33.70
Big earning surprise
2003-03-20 LASHLEY, RICHARD J.
Vice President 200 Purchase at $23.72 per share.
(Cost of $4,744)
2003-03-20 CONWAY, NIALL M.
Executive Vice President 250 Purchase at $23.60 - $23.69 per share.
(Cost of about $5,911)
2003-03-19 GODSEY, JAMES H.
Executive Vice President 213 Purchase at $23.16 per share.
(Cost of $4,933)
2003-03-18 SHEARER, PETER R.
Vice President 300 Purchase at $22.39 per share.
(Cost of $6,717)
2003-03-14 -
2003-03-17 SOFAER, ABRAHAM D.
Director 3,685 Purchase at $21.79 - $22.28 per share.
(Cost of about $81,000)
Gen-Probe Incorporated is engaged in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid probe-based products used for the clinical diagnosis of human diseases and for screening donated human blood. For the fiscal year ended 12/31/02, revenues rose 20% to $155.6 million. Net income before extraordinary item totaled $13.7 million, up from $4.6 million. Results reflect higher sales of blood screening products and lower R&D costs
52-Week Low on 17-Sep-2002 $13.203
Recent Price $32.08
52-Week High on 1-May-2003 $35.78
Market Capitalization $763.5M
Shares Outstanding 23.8M
Float 23.7M
Price/Book (mrq) 3.54
Price/Earnings (ttm) 55.50
Price/Sales (ttm) 4.91
EBITDA (ttm) $16.3M
Debt/Equity (mrq) 0
Total Cash (mrq) $108.0M
Gen-Probe Reports Record First Quarter 2003 Financial Results
Tuesday April 29, 4:07 pm ET
- Product Sales Increase 62.1% Led by Commercial Sales of Blood Screening Products and Strength in the Company's Core STD (Sexually Transmitted Disease) Products -
- Net Income Increases More Than 180% Compared to the Same Period in 2002 -
SAN DIEGO, April 29 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO - News) today reported its financial results for the quarter ended March 31, 2003. Total revenues for the first quarter of 2003 were $46.2 million compared to $33.8 million for the first quarter of 2002, an increase of 36.7%. Product sales for the first quarter of 2003 were $43.6 million compared to $26.9 million for the first quarter of 2002, an increase of 62.1%. Net income for the first quarter was $8.7 million, or $0.36 per share, compared to net income of $3.1 million, or $0.13 per share, in the first quarter of 2002. This represents an increase of 180.7% over the same period in 2002.
Net income for the first quarter of 2003 was favorably affected by significantly lower than planned operating expense levels for product development, marketing and sales expenses. Net income was also affected by improved gross margins resulting from economies of scale achieved in the manufacturing of the Procleix® HIV-1/HCV blood screening assay due to an increase in the number of units manufactured.
The substantial increase in product sales for the first quarter is principally a result of the impact of commercial pricing for the Procleix HIV- 1/HCV blood screening assay. In the first quarter of 2002, prior to regulatory approval, Gen-Probe recorded revenues related to use of its blood screening products in the U.S. as collaborative research revenue. Gen-Probe also recognized significant year-over-year growth for the Company's STD products, which was fueled by demand for the Company's APTIMA® Combo(TM) 2 Assay, an FDA-cleared, amplified nucleic acid test for the simultaneous detection of Chlamydia trachomatis and Neisseria gonorrhea.
"First quarter results demonstrate significant strength in our clinical diagnostics and blood screening businesses and our ability to grow revenues," said Henry L. Nordhoff, chairman, president and chief executive officer of Gen-Probe. "We remain on track to ensure the continued success of our business and are working on several initiatives in 2003, including the initiation of clinical trials for the TIGRIS(TM) System for both clinical diagnostics and blood screening applications, initiation of clinical trials of the Gen-Probe/Chiron Ultrio(TM) Assay, and introduction of the West Nile virus (WNV) blood screening assay under an Investigational New Drug (IND) application. The Ultrio Assay is expected to be available internationally in 2004 and our WNV assay is expected to be available in the U.S. under an IND by July 1 of this year."
First Quarter Highlights:
-- HIV-1/HCV blood screening assay contributes 38.1% of product sales
revenues: The Company generated Procleix product sales of
$16.6 million in the first quarter of 2003. This compares to
$7.0 million of total blood screening revenues in the first quarter
of 2002. Prior to FDA approval, all U.S. shipments were on a cost
recovery basis. Cost recovery included in the first quarter of
2002 amounted to approximately $4.2 million. Gen-Probe's blood
screening assay is marketed worldwide by Chiron Corporation as the
Procleix System.
-- West Nile virus assay: The FDA accepted Gen-Probe's Investigational
New Drug application to initiate testing on banked blood samples from
last year's WNV epidemic using the Company's West Nile virus assay.
Additionally, the Company received a commitment for $2.47 million in
supplemental contract funding from the National Heart, Lung, and
Blood Institute (NHLBI) of the National Institutes of Health (NIH) to
continue development of this assay for the detection of WNV in
donated blood and organs. To date, the NHLBI has committed a total
of $3.47 million to Gen-Probe for the development of a blood
screening nucleic acid test (NAT) for WNV.
-- Research and development expenses decreased to 24.0% of total
revenues: Research and development (R&D) expenses decreased
$1.7 million to $11.1 million, or 24.0% of total revenues, in the
first quarter of 2003 from $12.8 million, or 37.9% of total revenues,
in the same quarter last year. The decrease was primarily the result
of the elimination of $1.6 million of manufacturing costs for blood
screening assays charged to R&D expense in the first quarter of 2002.
During the remainder of 2003 and in 2004, the Company expects to
incur additional manufacturing-related R&D expenses associated with
the production of clinical trial lots related to the TIGRIS System
and the Company's other blood screening products in development.
-- Gen-Probe in strong cash position: As of March 31, 2003, the Company
had $112.5 million of cash, cash equivalents and short-term
investments and no long-term debt.
Guidance Update
The following statements in this "Guidance Update" contain forward-looking statements describing management's current expectations for the future. In accordance with its guidance policy, Gen-Probe does not include the impact of potential transactions in its revenue and earnings estimates until it is certain that such transactions will be completed and will affect revenues and earnings during the period for which guidance is given. Although management's expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.
Gen-Probe is revising its previous guidance for the year-end 2003. This is due to lower than planned operating expense levels during the first quarter of 2003. While the Company expects the gross margin as a percent of product sales to improve in 2003, manufacturing costs attributable to the production of development units will result in an increase in R&D expenses during the remainder of 2003. Additionally, continued strength in the Company's blood screening business and anticipated annual growth in its clinical diagnostic business further contributes to the Company's increased 2003 guidance. Revised guidance is as follows:
-- Total revenues of approximately $180 million to $190 million
-- Fully diluted earnings per common share of between $1.00 to $1.05
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Momentum a rolling. Stock is delivering. Wow.
Jack |
