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Fisher Scientific Stock Drops 5.6 Percent on News of Acquisitions, Q2 Earnings

NEW YORK, Aug. 4 (GenomeWeb News) - Shares in Fisher Scientific were down 5.57 percent, or $3.67, at $62.25 in mid-afternoon trading one day after the company reported strong second-quarter revenue growth, and that it would acquire cellular imaging company Cellomics.

 

As GenomeWeb News reported, Fisher will acquire Cellomics for $49 million in cash, and testing lab Lancaster Laboratories for $150 million in cash, the company said yesterday.

 

Fisher said that it will closely collaborate with Carl Zeiss Jena, Cellomics' largest shareholder, in the high-content screening field. Cellomics had $13 million in revenues in 2004.

 

Yesterday Fisher posted an increase in second-quarter revenues of 33 percent to $1.4 billion, from $1 billion during the year-ago quarter. Excluding currency effects, organic revenues grew by 5.2 percent. Sales of scientific products and services accounted for 74 percent of total revenues this quarter.

 

The company had a net income this quarter of $101.4 million, or $.80 per share, more than double last year's $44.7 million, or $.64 per share, during the same period. This quarter's income included $16 million associated with discontinued operations, among them the sale of Atos Medical.

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