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Millipore Q3 Profits Rise on 4 Percent Revenue Growth

NEW YORK (GenomeWeb News) – Millipore reported after close of market on Thursday that its profit for the third quarter rose nearly 5 percent based on a 4 percent increase in revenues year over year.

Billerica, Mass.-based Millipore reported total revenues of $412 million for the three-month period ended Oct. 3, compared to revenues of $395 million in the third quarter of 2008.

Excluding a 3 percent unfavorable impact from changes in foreign currency, the company generated organic revenue growth of 7 percent.

Millipore's Bioscience Division had revenues of $178 million compared to $174 million in the previous year, resulting in organic revenue growth of 4 percent; while its Bioprocess Division had revenues of $234 million compared to $221 million and 8 percent organic revenue growth in the year-ago period.

"Our performance in the third quarter continued the trend of healthy organic revenue growth and exceptional cash flow that we have experience throughout 2009," Millipore Chairman and CEO Martin Madaus said in a statement. "Our top-line growth is being driven by our Bioprocess Division, which is benefitting from increased spending from large biotechnology customers, strong demand for products used to manufacture the H1N1 flu vaccine, and expanded sales in Asia."

Madaus added that the company "continues to drive above-market growth in our Bioscience Division due to the resiliency of our consumable product portfolio and strength at academic customers. This growth is being partially offset by weakness at large pharmaceutical accounts, particularly for drug discovery services and laboratory instrumentation."

Millipore's profit for the quarter was $39.7 million, or $.71 per share, up from $37.8 million, or $.68 per share in Q3 2008.

Meantime, the company's Q3 R&D spending increased 15 percent to $29.3 million from $25.4 million in the same quarter last year, while its SG&A expenses increased 5.6 percent to $131 million from $124 million in the third quarter last year.

Millipore finished the quarter with about $190 million in cash and cash equivalents.

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