Gen-Probe Net Falls

Shares rise.
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Gen-Probe

(GPRO) - Get Report

said Wednesday that its third-quarter earnings fell 7.9%, hurt by stock option expenses.

The San Diego-based company earned $15.1 million, or 28 cents a share, in the quarter, compared with $16.4 million, or 31 cents a share, a year ago. Adjusted for stock-option expense of 8 cents a share, earnings were $19.2 million, or 36 cents a share in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 26 cents a share.

Third-quarter revenue rose 21% from a year ago to $92.23 million.

The company expects to earn $1.09 to $1.12 a share on revenue of $349 million to $352 million, for the full year 2006. Adjusted earnings are expected to be $1.37 to $1.39 a share. Analysts were expecting earnings of $1.09 a share on revenue of $349.25 million for the full year.

"Gen-Probe once again posted strong financial results in the third quarter of 2006, as both clinical diagnostics and blood screening sales grew by more than 20% compared to the prior year," said the company. "In addition, we secured several new product approvals that we believe will solidify our market leadership positions and generate future growth."

Shares rose $1.03 to $48.06.

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