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ABI Said Strong Mass Spec, RT-PCR Sales Drove 6.4-Percent Increase in Fiscal Q1 Revenue

NEW YORK, Oct. 27 (GenomeWeb News) - Applied Biosystems today reported a 6.4-percent increase in fiscal first-quarter revenue atop declining R&D spending and a 55-percent jump in profits.


Total receipts for the three months ended Sept. 30 increased to $415.5 million from $390.3 million year over year. Revenue from the firm's real-time PCR/applied genomics and mass spectrometry segments were the major contributors to this increase, growing 9 percent apiece year over year to $121.8 million and $97.3 million, respectively. These segments represented 29 percent and 24 percent of ABI's total receipts in the quarter, respectively, the company said.


Revenue from DNA sequencing increased 8 percent in the period to $124.9 million, while receipts from ABI's core PCR and DNA-synthesis business declined 1 percent to $47.3 million, and revenue from all other products fell 7 percent to $24.2 million, ABI said. These segments accounted for 30 percent, 11 percent, and 6 percent of ABI's business in the fiscal first quarter, the company said.


Though Applera CEO Tony White called the results "strong" and said the company's wide-ranging restructuring has been "delivering results," ABI President Cathy Burzik said in a statement that "we remain cautious about the growth rates in our end-user markets throughout the remainder of the fiscal year."


However, she said she was "pleased by the results that we generated this quarter. We saw solid, balanced performance across all of our major product categories with growth in both instruments and consumables."


ABI said that R&D spending in the quarter decreased 10 percent to $40.8 million from $45.7 million in the year-ago period.


Net profits increased 55 percent to $57.5 million, or $.29 per basic share, from $37.1 million, or $.19 per basic share, year over year, ABI said.


The company said certain items conspired to decrease fiscal first-quarter earnings by $4.2 million, including $3.3 million in pre-tax charges for outstanding litigation and $1.1 million for asset impairments. Also recorded during the period were $13.5 million in tax benefits related to the settlement of certain transfer pricing matters in Japan.


ABI does not disclose its balance sheet.

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