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Invitrogen Reports Increased Q1 Revenues Despite Soft Sales

NEW YORK, April 17 (GenomeWeb News) - Invitrogen today announced preliminary first-quarter financial results, posting a 12-percent jump in revenues despite sales coming in 3 percent lower than expected.


Invitrogen said revenues in the quarter were $309 million amid slower-than-anticipated sales in the company's US Bioproduction and Japan businesses.


Pro forma earnings per share for the first quarter of 2006 were slightly higher than anticipated due to improved mix, lower royalty expense and lower share count, Invitrogen said.


Looking ahead, Invitrogen said that it is widening its full year revenue guidance to a range of $1.3 billion to $1.355 billion due to first quarter performance and the anticipated discontinuation and sale of certain minor business units.


Previously, the company projected that full-year 2006 revenues would be $1.33 billion to $1.355 billion.


Pro forma earnings per share guidance remains unchanged with a range of $3.90 to $4.10.


Additional first-quarter results will be provided during a conference call on April 27.