NEW YORK, April 23 (GenomeWeb News) - Molecular Devices' revenues grew and its earnings doubled during the first quarter, the company said yesterday.
Revenues increased to $27.3 million, from $24.6 million during the year-ago period.
Research and development costs decreased to $4 million, from $4.7 million during the first quarter last year.
The company's net income soared to $1.4 million, or $.1 per share, from $0.7 million, or $.05 per share, for the same period last year.
As of March 31, Molecular Devices had $50.4 million in cash and cash equivalents, and no short-term investments.