NEW YORK (GenomeWeb News) — Invitrogen said Wednesday that its second-quarter revenue climbed 13 percent as R&D spending rose 11 percent and net income was up 108 percent.
Total receipts for the three months ended June 30, 2007 rose to $321.7 million from $285.4 million year over year.
Invitrogen’s Biodiscovery sales rose 10 percent to $223 million for the second quarter, while its Cell Culture Systems division saw revenue rise 20 percent to $99 million.
R&D spending increased to $28.6 million from $25.8 million year over year.
The company said net income grew to $40.9 million from $19.7 million in the year-ago period. This year's profit includes $11.5 million in income from discontinued operations compared with $678,000 for the same item in last year's second quarter.
Invitrogen said it had around $570.1 million in cash and equivalents and short-term investments as of June 30, 2006.
"The intense focus we placed on operations, IT infrastructure, and integrations during the last twelve months is delivering results," said Invitrogen CEO Greg Lucier.
The company said it expects full-year revenue growth for 2007 to be in the mid-single digits.
Also today, Invitrogen said it completed its 2006 $500 million share repurchase program, with the purchase of 0.7 million shares for $50 million within the quarter.
The company's board of directors has approved another, three-year $500 million share repurchase program.