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Molecular Devices' Q3 Revenue Misses Guidance; Firm Offers Limp Outlook

NEW YORK (GenomeWeb News) — Molecular Devices’ third-quarter revenues edged up 1 percent while its net income dipped almost 40 percent year over year, the company said this week.
Revenues for the quarter ended Sept. 30 rose to $45.5 million from $45.2 million in the same quarter last year. In July the company said it expected to post between $48 million and $52 million in revenue.
“While we were disappointed in our overall results this quarter, we continue to believe that we are well-positioned based on the quality of our existing product portfolio and the strength of our expected new product introductions over the next year,” Joseph Keegan, Molecular Devices’ president and CEO, said in a statement.
Keegan added that softer-than-expected demand from pharmaceutical companies during the quarter impacted the drug-discovery and life-sciences product lines, but that drug-discovery imaging exceeded the company’s expectations for the quarter.
Molecular Devices’ net income for the third quarter tumbled to $2.8 million from $4.6 million in the year-ago period. The company spent $5.7 million on R&D in the third quarter.
Molecular Devices said it expects to generate between $47 million and $52 million in fourth-quarter revenues, which is between a 1-percent decline and 9-percent increase over the same period last year. The firm said full-year revenue ought to come in between $180 million to $185 million, which would be flat year over year or a 2-percent increase.
As of Sept. 30, Molecular Devices had $13.3 million in cash and cash equivalents on hand.

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