NEW YORK (GenomeWeb News) — PerkinElmer today said first-quarter 2007 revenues increased 14 percent as R&D spending rose 22 percent and profit fell 38 percent.
Total receipts for the three months ended April 1 increased to $403 million from $355.5 million year over year, PerkinElmer said.
Revenue for the company’s Life and Analytical Sciences business was up 14 percent to $299.5 million and Optoelectronics revenue was up 11 percent to $103.4 million year over year.
Health Sciences receipts accounted for 84 percent of total revenue for the quarter and was “driven primarily by strong growth in genetic screening, medical imaging, and service as a result of new products, key customer wins and market expansion,” PerkinElmer said.
R&D spending in the quarter increased to $27.8 million from $22.8 million year over year.
PerkinElmer said first-quarter profit fell to $14.7 million from $23.6 million in the year-ago period.
PerkinElmer said it expects second-quarter revenue to rise “by low double digits.”
CEO Gregory Summe said PerkinElmer expects “our momentum to continue through the year, as our new products and services continue to make a greater contribution to our overall revenue."
PerkinElmer had around $119.6 million in cash and cash equivalents and $4.6 million in marketable securities and investments as of April 1.