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Millipore Revenues Hit By Bioprocess Division Weakness

NEW YORK (GenomeWeb News) – Millipore said after the close of the market on Thursday that its second-quarter sales grew 8 percent year over year, but were flat when taking into account an 8 percent benefit from currency translation.
The Billerica, Mass.-based firm had revenues of $414.2 million for the three-month period ended June 30, up from revenues of $383.2 million in the second quarter of 2007. Sales for its Bioscience Division increased 18 percent to $184.4 million from $156.4 million, while sales for its Bioprocess Division grew 1 percent to $229.8 million from $226.8 million.
Martin Madaus, chairman and CEO of Millipore, said in a statement that the Bioprocess Division “continues to be adversely affected by reduced purchases from a handful of our largest North American biotech customers.
“Although we expect our Bioprocess Division and the overall company will report year-over-year revenue growth in the second half of the year, we do not anticipate spending from these large, US biotech customers will stabilize until the end of 2008,” he added. “Therefore, our Bioprocess results will continue to be negatively affected for the remainder of this year.”
On a geographic basis, sales to the Americas dropped 10 percent to $153.3 million from $170.6 million; sales to Europe jumped 27 percent to $189.3 million from $149.4 million; and sales to the Asia/Pacific region increased 13 percent to $71.6 million from $63.2 million.
Millipore’s R&D costs inched up to $26.2 million from $26 million, and its SG&A expenses rose 9.3 percent to $134.5 million from $123.1 million.
The firm finished the quarter with $30.8 million in cash and cash equivalents.
In early Friday trade on the New York Stock Exchange, Millipore’s shares were down .8 percent at $69.81. The shares had fallen sharply after the close of the market on Thursday but rebounded at Friday's open.

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