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Agilent's Q2 Revenues Drop 25 Percent; LS Revenues Down 7 Percent

NEW YORK (GenomeWeb News) – Agilent Technologies reported after the close of the market on Thursday that its second-quarter 2009 revenues declined 25 percent to $1.1 billion from $1.5 billion as its Electronic Measurement segment was hit particularly hard by the current economic downturn.

The Santa Clara, Calif.-based firm said that revenues for its Bio-Analytical Measurement segment were down 6 percent to $498 million from $530 million. Within that segment, its life science sales decreased 7 percent to $241 million.

Agilent said that sales to pharma and biotech customers were down 11 percent in the quarter. However, sales to academic and government markets was 10 percent higher than the second quarter of 2008, "with robust demand in mass spec systems as well as for microarrays," the firm said.

Agilent's Electronic Measurement segment had revenues of $558 million, down 33 percent from revenues of $831 million for the second quarter of 2008.

The firm posted a net loss of $101 million, or $.29 per share, compared to a profit of $173 million, or $.47 per share, for the second quarter of 2008. During Q2 2009, Agilent took asset impairment charges of $98 million and non-cash amortization of $12 million. It also recognized a quarter-to-date tax adjustment of $31 million and had other net charges of $4 million.

Excluding these charges, Agilent's adjusted net income was $44 million, or $.13 per share.

The firm's R&D costs decreased 7 percent year over year to $170 million from $183 million, and its SG&A spending declined 6 percent to $407 million from $433 million.

Agilent finished the quarter with cash and cash equivalents of $1.4 billion.

Bill Sullivan, president and CEO of the company, said that the firm expects fiscal-year 2009 revenues to be down roughly 25 percent compared to 2008.

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