NEW YORK, July 24 - Invitrogen today reported a surge in second-quarter revenue atop increased R&D spending and net loss.
For the period ended June 30, Invitrogen said total revenue grew to $192.4 million from $164.3 million year over year. The company attributed 7 percent of the growth to "favorable changes in foreign currency exchange rates."
While Invitrogen would not break down dollar figures, the firm said revenue from its cell culture increased 30 percent, while receipts from its molecular-biology products arm increased 10 percent.
Second-quarter R&D spending swelled to $12.6 million from $7.7 million in the same period last year. Despite the increased spending - Invitrogen reported $93.3 million in total operating expenses in the second quarter - net income jumped to $16.9 million, or $.34 per share, from $8 million, or $.15 per share, year over year.
Invitrogen said it had around $541 million cash and cash equivalents as of June 30.
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