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Millipore's Q1 Sales Rise 14 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Millipore reported after the close of the market Thursday that its first-quarter revenues rose 14 percent, which includes a five percent favorable impact from foreign currency changes.

The company had total revenues of $463 million for the three-month period ended April 3, compared to $407.9 million for Q1 2009. It beat analysts' consensus estimate for revenues of $436.7 million.

Millipore's Bioscience Division had revenues of $204.7 million, up 15 percent year over year from $177.9 million, while its Bioprocess Division had 12 percent revenue growth to $258.3 million from $230 million.

"We developed exceptional revenue growth in the first quarter, as we benefitted from the contribution of new products, a strengthening economic environment, and continued momentum in our core business," Millipore Chairman and CEO Martin Madaus said in a statement. "Our results were well-balanced between both divisions, and from a geographical perspective we generated impressive results in North American and Asia."

Millipore's net income for the quarter was $57.2 million, or $.99 per share, up from $53.6 million, or $.95 per share, in the first quarter least year. On an adjusted basis, Millipore's EPS was $1.21, beating analysts' consensus estimate of $1.09.

Millipore's R&D spending for the quarter was $30.1 million, up 19 percent year over year from $25.2 million, and its SG&A expenses were $141.1 million, an increase of 11 percent over last year's Q1 costs of $126.8 million.

At the end of the quarter, Millipore had $222.7 million in cash and cash equivalents.

During the quarter, Millipore agreed to be acquired by Merck KGaA for $7.2 billion. That deal will be voted on at a special shareholder's meeting in June.