Gen-Probe Inc. reported strong second-quarter financial results and increased its earnings forecast July 31, causing shares to jump nearly 3 percent in after-hours trading.
The San Diego-based diagnostic company, which makes rapid tests for screening blood and detecting diseases, announced product sales for the second quarter are up 20 percent, to $77.8 million, from the same period last year. Revenues were also up 17 percent at $85.2 million over the prior year period.
As of June 30, Gen-Probe had $238.7 million in cash, equivalents and short-term investments. The company has zero debt.
Its stock closed at $51.95 the day of the earnings announcement, which was made at market-close. The stock jumped to $53.40 in after-hours trading.
“Gen-Probe once again posted strong financial results in the second quarter of 2006, as clinical diagnostics and blood screening sales grew solidly,” Chief Executive Officer Henry Nordhoff said in a press statement.
Gen-Probe reported net income of $13.6 million, just $100,000 more than the same period last year.
For the entire year, the company said it expects revenue of $345 million to $350 million, and earnings per share ranging from $1.06 to $1.12.
, Katie Weeks