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Friday, Sep 30, 2022
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Gen-Probe Posts Earnings; Sale Rumored

Gen-Probe Inc., a San Diego maker of blood screening and other clinical diagnostic kits, reported first quarter net income of $23.3 million, down 4 percent from the like quarter of 2010.

Revenue in the quarter was a record $143 million, up 6 percent from the prior year’s first quarter, and driven from the company’s acquisition of GTI Diagnostics Inc. as well as good growth from other medical products, the company said in its April 28 report. Gen-Probe acquired GTI in December.

Gen-Probe affirmed its earlier financial guidance for the current year, stating anticipated revenue in a range from $570 million to $595 million, and net diluted earnings per share from $2.06 to $2.20.

A report from Bloomberg News said Gen-Probe hired Morgan Stanley to explore a sale, but company officials declined to comment.

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That news combined with its positive quarterly results pushed shares of Gen-Probe up 13.5 percent to $79.61 on the Nasdaq exchange April 28. In midday trading the following day, GPRO rose by more than $2 to $82.29. The 52 week range is $42 to $84.17.

— Mike Allen

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