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.