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Invitrogen Posts 22-Percent Jump in Q4 Organic Revenue Growth; Income Up 42 Percent

NEW YORK, Feb. 18 (GenomeWeb News) - Invitrogen yesterday reported a 22-percent jump in organic fourth-quarter revenue growth amid higher R&D spending and significantly stronger net income.

 

Total receipts for the three months ended Dec. 31, 2004, increased 26 percent to $262.2 million from $207.7 million in the year-ago quarter. The company said 4 percent of that growth was the result of favorable currency exchange rates.

 

Invitrogen said revenue from its BioDiscovery segment grew to $149 million in the fourth quarter, which includes 3 percent of organic growth. Around 4 percent of the increase was the result of favorable currency exchange rates, the company said. Invitrogen attributed the organic portion of the growth to "a direct result of more effective selling" as well as the release of new products.

 

Similarly, Invitrogen said revenue from its BioProduction business grew to $113.2 million in the fourth quarter, which includes 13 percent in organic growth. However, when factoring in favorable currency exchange rates, "continuing demand for cell culture products," and additional revenue from BioReliance, which Invitrogen acquired last February, revenue growth in the segment increased 65 percent.

 

R&D spending in the period increased 25 percent to $20 million from $16 million year over year.

 

Net income in the quarter surged 42 percent to $30.5 million, or $.60 per basic share, from $12.6 million, or $.25 per basic share during the same period one year ago.

 

Invitrogen said it had around $983.4 million in cash and investments as of Dec. 31, 2004.

 

Looking ahead, Invitrogen reiterated a previously announced forecast to post 2005 revenue of around $1.2 billion. This would mark a 17-percent increase fro the $1 billion revenue the company posted for 2004.

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