San Diego-based Gen-Probe Inc. reported Oct. 30 a 17 percent jump in third-quarter earnings, from a net income of $14.8 million in 2006 to $17.3 million, driven by sales of nucleic acid tests.
Revenue for the quarter ended Sept. 30 rose from $92.2 million to $101.7 million.
Gen-Probe’s third-quarter net income and earnings per share benefited from a reduction in income tax expense of approximately $900,000, or 2 cents a share, associated with the completion of the company’s 2006 federal tax return.
Herm Rosenman, senior vice president of finance and chief financial officer, said that based on the company’s strong third-quarter performance, Gen-Probe raised its full-year earnings outlook to $1.50 to $1.52 a share on revenues of $400 million to $402 million.
Shares of Gen-Probe, traded under the symbol GPRO on Nasdaq, fell 26 cents to $67.55 on Oct. 30.
, Heather Chambers