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Invitrogen Posts Strong Q2 Revenue Gains; Income Down on Charge

NEW YORK, July 28 (GenomeWeb News) - Invitrogen today reported a 21 percent increase in second-quarter revenue year over year, but a 24 percent drop in net earnings due to a one-time charge.

The Carlsbad, Calif.-based firm reported revenue of $306.5 million compared with $254 million in the second quarter last year. The company also beat analysts' consensus estimate of $301 million for the quarter.

Invitrogen's organic revenue growth was 7 percent, with 2 percent of growth coming from currency benefits and 12 percent attributed to acquisitions.

During the quarter, the company completed its acquisitions of Dynal Biotech and Caltag Laboratories, two of several purchases the company has made this year. Earlier this week, Invitrogen announced that it would acquire proteins and reagents firm BioSource International for $130 million in cash.

Revenue growth was strongest in Invitrogen's BioDiscovery segment, which had 30 percent sales growth year over year, while the BioProduction unit had revenue growth of 9 percent.

The firm's R&D spending increased to $24.3 million from $18.2 million in the comparable quarter last year.

Invitrogen's net earnings dropped to $14.9 million, or $.27 per share, from $19.7 million, or $.36 per share, in the second quarter last year. However, the firm noted that it took a one-time charge of $13 million in the most recent quarter related to costs associated with its purchase of Dynal.

The company is forecasting fiscal 2005 revenue of $1.2 billion and earnings per share of $3.50 to $3.53.

As of June 30, Invitrogen held $931.9 million in cash and investments.

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