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Molecular Devices Q3 Revenues Increase 9 Percent as Company Turns a Profit

NEW YORK, Oct. 28 (GenomeWeb News) - Molecular Devices yesterday reported a 9-percent increase in revenue and has turned a profit for the third quarter of 2005.

 

Revenues for the quarter ended Sept. 30 totaled $45.2 million, an 8.8percent increase over last year's revenues of $41.5 million during the same quarter.

 

"In life sciences, we continued to see strong demand for our SpectraMax M5 bench-top reader," Joseph Keegan, Molecular Devices' president and CEO, said in a statement. "In drug discovery, we saw excellent growth in both our high-throughput electrophysiology and FLIPR product lines."

 

R&D spendning in the quarter remained flat at $6.4 million, the company said.

 

Molecular Devices posted a $4.6-million profit in the third quarter, compared with a $1.3-million loss year over year.

 

As of Sept. 30, Molecular Devices had $12.2 million in cash and cash equivalents.

 

Molecular Devices said it anticipates revenues of $52 million to $54 million in the fourth quarter, an increase of between 9.4 percent and 13.7 percent. The company also said it anticipates revenues of $181 million to $183 million for the full year of 2005.

 

For the full year 2006, Molecular Devices said it anticipates revenues of $192 million to $202 million.

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