This article has been updated to include comments from a conference call and a stock quote.
NEW YORK (GenomeWeb News) – Invitrogen reported after the close of the market today that its first-quarter revenues rose 13.5 percent and its profit nearly doubled.
The Carlsbad, Calif.-based firm brought in revenues of $350.2 million for the three months ended March 31, up from revenues of $308.7 million for the comparable period of 2007. The company noted that organic revenue growth, excluding currency effects and acquisitions, was 7 percent.
Revenues for its BioDiscovery unit increased 12.3 percent to $247.3 million from $220.1 million, while sales for its Cell Culture Systems unit rose 16.1 percent to $102.9 million from $88.6 million.
BioDiscovery’s organic growth was 7 percent and was driven by increased prices, new product introductions, and improved volumes, particularly in molecular biology products, drug discovery services, and labeling and detection technologies, said CFO David Hoffmeister during the firm’s conference call Tuesday.
Cell Systems’ organic growth rate also was 7 percent for the quarter.
Invitrogen’s profit for the quarter jumped to $59.7 million, from $1.19 per share, from $30.3 million, or $.62 per share, in the comparable period of 2007.
The firm’s R&D expenses rose 11.7 percent to $30.6 million from $27.4 million year over year, while its SG&A costs increased 16.4 percent to $113.7 million from $97.7 million.
Invitrogen finished the quarter with $549.1 million in cash and short-term investments.
CEO Greg Lucier said during the call that despite the current economic climate, Invitrogen’s end markets continue to be stable. “The large pharma end market is experiencing some challenges at the moment but this has not affected us,” he said.
“More significantly, a great deal of development has been shifting to the smaller, more efficient biotech sector … so, any contraction in the pharma market is far outweighed by the robust growth we’re seeing in biotech.”
Invitrogen said in a statement that it expects its fiscal 2008 revenues to increase in the high-single digits.
In early Wednesday trade on the Nasdaq, shares of Invitrogen were up 6.3 percent at $93.19.