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Fisher's Organic Revenues Inch Up 4.1 Percent in Q2 As Profit Surges 20 Percent

NEW YORK (GenomeWeb News) – Fisher Scientific said yesterday that second-quarter sales increased 9.1 percent to $1.47 billion from $1.34 billion year over year while profit increased approximately 20 percent.
Fisher said organic revenue growth was 4.1 percent. Of the overall revenue, receipts from scientific products and services increased 9.3 percent to $1.13 billion from $1.03 billion one year ago, though 4 percent of this growth was organic.
Fisher said that organic growth in scientific products and services was driven by high single-digit growth from pharma customers, low double-digit growth from biotech customers, and high single-digit growth from academic customers.
Healthcare product and services sales totaled $356 million, an increase of 9.3 percent over the prior-year period, though organic growth was approximately 5.3 percent. Fisher said driving this growth were strong sales to reference labs and new product introductions, in particular rapid diagnostic tests and clinical chemistry products.
Fisher said second-quarter profits increased 20.3 percent increase to $122 million, or $.98 per basic share, from $101.4 million, or $.84 per basic share, in the same quarter in 2005.
Fisher does not break out R&D spending.
As of June 30, the company had approximately $153 million in cash and cash equivalents on hand.

Fisher said that its previously announced merger with Thermo Electron is still expected to close in the fourth quarter.

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