NEW YORK, April 28 (GenomeWeb News) - Molecular Devices today said that first-quarter revenue grew 5 percent organically as R&D spending declined 11.3 percent and profits rose 55.5 percent.
Total receipts for the three months ended March 31 rose around 2.5 percent to $40 million from $39 million year over year, hurt by foreign currency effects. Without these effects, revenue grew 5 percent, the company said.
The company said it "saw excellent growth" in its SpectraMax, FLIPR, and high- content imaging product lines during the quarter. But the firm said this growth was "somewhat offset" by a "weaker than expected" quarter in
"We remain confident, however, that our worldwide life sciences and drug discovery markets will remain stable in the near-term, and we do not expect this weakness to continue," President and CEO Joseph Keegan said in a statement.
R&D spending for the period declined to $5.5 million from $6.2 million year over year.
First-quarter profits more than doubled to $2.8 million, or $.17 per basic share, from $1.8 million, or $.11 per basic share, year over year.
Molecular Devices said it had around $33.2 million in cash and equivalents as of March 31.
Looking ahead, the company said it is poised to generate between $49 million and $51 million in second-quarter revenues, or growth of between 10.1 percent and 14.6 percent. Receipts for 2006, meantime, will likely be between $198 million and $206 million, or growth between 9.3 percent and 13.7 percent.