Gen-Probe Inc. announced on Monday that during last quarter its profit decreased by 27% due to one-time expenses related to companies it purchased.
The diagnostic test maker’s profit decreased from $27.2 million to $19.9 million or from 56 cents per share to 42 cents per share. The results included $4 million expenditure connected to research and development which it bought when it purchased GTI Diagnostics during December 2010 as well as $8.7 million expenditure connected to its services business and research products. Excluding these expenses and other one-time expenses, its revenue increased by 16% from $136.7 million to $158.2 million.
The company purchased a service and research business when it purchased a life sciences product corporation during 2009.
Gen-Probe Inc. revealed that its clinical diagnostics income increased to $90.6 million or 13% due to higher sale of Aptima Combo 2 test for gonorrhea and Chlamydia. Income from blood screening increased to $62.1 million or 30% mainly due to higher sales to Novartis AG. Income from the research business decreased from $3.4 million to $2.4 million.
The company’s yearly profit declined from $106.9 million to $50.1 million or from $2.18 per share to $1.04 per share.Previous Post » Oil and Stocks Rise to Begin Week