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Millipore's Q1 Revenues Increase 3 Percent; Profit Rises Sharply

NEW YORK (GenomeWeb News) – Millipore reported after the close of the market on Thursday that its first-quarter revenues rose 3 percent and its profit rose 71 percent as it kept its spending relatively static with last year.

The Billerica, Mass.-based firm generated revenues of $407.9 million for the three-month period ended April 4, compared to revenues of $396.2 million for the first quarter of 2008. Its Bioprocess division had revenues of $230 million, up 6 percent from $216.6 million year over year, and its Bioscience division had revenues of $177.9 million, down 1 percent from $179.6 million.

Millipore said that excluding the negative impact of foreign currency exchange, its total revenues were up 10 percent for the quarter, with Bioscience up 6 percent and Bioprocess up 13 percent.

Millipore's net income for the period was $53.6 million, or $.95 per share, up from $31.3 million, or $.55 per share, for the first quarter of 2008. Its Q1 2009 includes an $8.5 million gain on an acquisition.

The firm's R&D spending was nearly flat with the comparable period at $25.2 million versus $25 million, while its SG&A spending increased slightly to $126.8 million from $125.5 million.

Millipore finished the quarter with $172.1 million in cash and cash equivalents.

"More than ninety percent of our revenues are derived from consumable products and services, which are being less affected by pullbacks in customer spending," Millipore Chairman and CEO Martin Madaus said in a statement. "Our business is well diversified across end-markets, product lines, and geographies. This diversity provides us important balance and flexibility in managing our business, especially during these challenging times."

Excluding an expected negative currency impact of 4 percent, Millipore expects to report 2009 revenue growth of between 3 percent and 5 percent. It also raised its non-GAAP EPAS guidance from a range of between $3.70 and $3.85 to between $3.75 and $3.90.

In early Friday trade on the New York Stock Exchange, Millipore's shares were up 10 percent at $65.58.

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