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Millipore Sees Double-Digit Revenue Growth in Q2, Yet Profit Slips

NEW YORK (GenomeWeb News) - Millipore yesterday said second-quarter revenues increased 40 percent as R&D spending swelled 32 percent and profit dropped 2 percent.
Total receipts for the three months ended June 30 increased to $383.2 million from $273.8 million year over year.
Sales in the company's Bioprocess segment rose 36 percent to $226.8 million, while Bioscience revenue rose 46 percent to $156.4 million. Excluding currency rate changes and acquisitions, organic revenue growth in the second quarter was 11 percent. This included 14 percent organic growth in the Bioprocess segment and 5 percent organic growth in the Bioscience segment.
Martin Madaus, chairman and CEO of Millipore, said in a statement that the company “successfully completed the integration of Serologicals in the second quarter." Millipore purchased Serologicals a year ago for $1.4 billion.
“During the intense twelve-month integration process, we met more than 800 milestones and are now operating as one company, on common systems,” he said.
Despite the company’s strong overall performance, Madaus said, "our Bioscience Division is not delivering the double-digit organic revenue growth we expected at the beginning of the year.
"Our efforts to grow our market share and increase the productivity of our sales organization are taking longer than expected due to our focus on completing the integration," Madaus continued. For those reasons, Madaus said "we no longer expect the Bioscience Division's organic growth in 2007 to outpace the growth of the overall market."
R&D spending increased to $26 million from $19.7 million year over year.
The company said net income fell to $28.4 million from $29.1 million in the year-ago period. Selling, general and administrative costs over the quarter bolted up 40 percent to $123.1 million.
Millipore said it had around $53.9 million in cash and cash equivalents as of June 30.

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