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Acquisitions Drive 13-Percent Q3 Revenue Growth for Invitrogen, But Profit Falls

NEW YORK, Oct. 28 (GenomeWeb News) - Invitrogen yesterday reported a 13-percent year-over year increase in third-quarter revenues, of which 12 percent was attributed to acquisitions. The company posted a 15-percent decrease in net income, however, related to its recent purchase of Dynal Biotech.


For the quarter ended Sept. 30, Invitrogen reported revenues of $289.6 million, compared to $256.3 million reported for the third quarter of 2004.


The company's BioDiscovery business segment grew by 24 percent year over year, to $182 million from $146.7 million, but the BioProduction segment declined by 2 percent, to $107.7 million from $109.6 million.


"The BioProduction segment's performance did not meet our expectations," said Invitrogen CEO Greg Lucier in a statement. "The continued softness at our BioReliance unit, coupled with the timing of media orders to large biomanufacturing accounts, made the third quarter a difficult period. A number of changes are being made in that segment in the fourth quarter to address this performance."


Invitrogen's net income fell to $23.9 million for the third quarter from $28.2 million in the prior-year period. The company attributed the 15-percent decrease to a non-cash charge of around $5.2 million related to inventory adjustments associated with the recent acquisition of Dynal Biotech.


Third-quarter earnings per share decreased 18 percent to $.42, from $.51 in the third quarter of 2004.


R&D spending rose to $26.4 million in the quarter, from $19.2 million in the third quarter of 2004.


Invitrogen had $961.6 million in cash and investments as of Sept. 30.

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