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Millipore's Q2 Profit Rises as Currency Hits Top Line

NEW YORK (GenomeWeb News) – Millipore reported after the close of the market Thursday that its second-quarter profit rose 5 percent, but the negative effects of currency translation resulted in a 1 percent decline in revenues year over year.

The Billerica, Mass.-based life sciences products firm reported total revenues of $408.6 million for the three-month period ended July 4, compared to revenues of $414.2 million for the second quarter of 2008. Excluding foreign currency translation, Millipore's revenues were up 5 percent.

The firm's Bioscience Division had revenues of $178.7 million compared to $184.4 million the year before, while its Bioprocess Division had revenues of $229.9 million versus $229.8 million.

"[O]ur Bioprocess Division sustained the recovery that it began earlier this year," said Martin Madaus, Chairman and CEO of Millipore, in a statement. "The growth of the division was driven by higher spending on our downstream bioprocessing products from biotechnology customers in North America and Asia. Our Bioscience Division performance was highlighted by strength in our flow cytometry business and by accelerating growth in Life Science product categories such as stem cell research and multiplex immunoassays."

Millipore's profit for the quarter was $41.6 million, or $.72 per share, up from $39.6 million, or $.69 per share, for the second quarter of 2008.

Its R&D spending increased to $29.1 million from $26.2 million, while its SG&A expenses declined to $130.7 million from $134.5 million.

Millipore finished the quarter with $146.6 million in cash and cash equivalents.

The company expects its full-year 2009 revenues to be between 2 percent and 3 percent higher than its 2008 revenues of $1.6 billion. It raised its non-GAAP EPS to a range of between $3.85 and $3.95 from its previous guidance of between $3.75 and $3.90.

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