NEW YORK (GenomeWeb News) — Invitrogen late yesterday reported that third-quarter revenues rose 11 percent as R&D spending increased 9 percent and a net loss last year swung to a profit this time around.
Total receipts for the three months ended Sept. 30 rose to $315 million from $284.2 million year over year.
Sales from Invitrogen’s Biodiscovery unit swelled 10 percent to $220.4 million for the third quarter, while receipts from its Cell Culture Systems division jumped 12 percent to $94.6 million year over year.
"Our focus from here is to sustain and expand upon these results by driving further sales penetration in high-growth regions, targeted investments in breakthrough technologies, and broader implementation of our reagent productivity strategies,” Invitrogen CEO Greg Lucier said in a statement.
R&D spending increased to $28.6 million from $26.3 million year over year.
The company recorded a $31 million profit compared with a $130 million loss in the year-ago period.
Invitrogen said it had around $648.4 million in cash and equivalents and short-term investments as of Sept. 30.
The company said it expects fourth-quarter revenue growth to be in the mid-single digits.