NEW YORK, April 22 (GenomeWeb News) - Invitrogen reported a decrease in earnings for the first quarter, despite a surge in revenues.
Revenues climbed almost 40 percent, to $251.3 million, compared to $180.6 million during the same quarter last year. Most of this increase resulted from BioDiscovery products, in particular from products Invitrogen obtained through its acquisitions of Molecular Probes and Pan Vera.
Research and development costs were $15.7 million, up from $10.6 million during the same quarter in 2003.
Net income for the quarter was $10.5 million, or $.2 per share, down from $16.9 million, or $.34 per share, during the year-ago period. Invitrogen attributed this decrease in earnings to higher amortization of intangibles from acquired businesses and to a $6.8 million charge for the retirement of high cost debt.
As of March 31, Invitrogen had cash and investments of $891.3 million.