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Applied Biosystems Q3 Revenues up 4 Percent but Flat Excluding Currency Impact

NEW YORK (GenomeWeb News) – Applied Biosystems today reported that its third-quarter revenues rose 4 percent year over year but were flat when excluding the benefit of currency translation.
 
ABI reported revenues of $552.6 million for the three-month period ended March 31, up from revenues of $529.9 million in the third quarter of 2007.
 
“During the first quarter we saw continued strength in our Real-Time PCR/Applied Genomics business, our largest; gains in DNA sequencing; and challenges in mass spectrometry,” said ABI President and COO Mark Stevenson in a statement.
 
The Foster City, Calif.-based firm reported a 4 percent gain year over year in DNA sequencing revenues to $146.4 million; Real-Time PCR/Applied Genomics revenues rose 10 percent to $200.9 million; Mass Spectrometry revenues inched up 1 percent to $128.5 million; Core PCR and DNA Synthesis revenues increased 6 percent to $49.5 million; and revenues for other product lines dropped 14 percent to $27.3 million.
 
ABI’s instrument revenue fell 1 percent to $214.4 million, while consumables revenue increased 7 percent to $237.3 million. Other sources of revenue including service, support, royalties, licenses, and consulting rose 8 percent to $100.9 million.
 
ABI’s sales in the US dropped 4 percent year over year to $217.2 million, while sales in Europe rose 7 percent including a 6 percent currency benefit to $196 million. Sales in Japan increased 7 percent with a 10 percent currency benefit to $62.2 million, while sales to other Asia Pacific countries increased 24 percent including a 4 percent currency benefit to $49.3 million.
 
The firm posted net income of $82.9 million, or $.48 per share, up 9.8 percent from 2007 first-quarter net income of $75.5 million, or $.39 per share.
 
ABI’s R&D costs declined 10.7 percent to $48.6 million from $54.4 million. The decrease was due to lower employee-related costs associated with the termination of a contract with the US Department of Defense, the firm said. Its SG&A costs increased 6.2 percent to $159.5 million from $150.2 million.
 
ABI finished the quarter with $364.7 million in cash and short-term investments.
 
Assuming current foreign exchange rates, ABI expects to post mid-single digit revenue growth for fiscal year 2008, which ends June 30 for the firm.
 
ABI's shares closed down 4.1 percent at $29.77 in Thursday trade on the New York Stock Exchange.

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