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Revenues for ABI s DNA-Sequencing Business Slide 17 Percent in Fiscal Q2

NEW YORK, Jan. 27 (GenomeWeb News) - Buoyed by a 2 percent benefit from foreign currency exchange, Applied Biosystems reported a 1-percent increase in total revenue for its second quarter of fiscal 2005, the company said this morning.

 

ABI had total revenues of $463 million for the quarter, compared to $458 million for the year-ago quarter. The company's flagship DNA-sequencing segment had revenues of $141 million, a 17-percent decrease over the year-ago quarter. Sequentially, the revenues were an improvement over the $116 million the segment reported in the last quarter, which was the company's lowest revenue performance for the last 12 quarters for what was once its flagship growth product.

 

However, for this quarter, ABI's real-time PCR and mass-spectrometry segments reported growth of 29 percent and 10 percent, respectively. R-T PCR revenues increased to $135 million for the quarter from $104 million one year ago. Mass-spec revenues were $114 million, compared to $103 million a year ago.

 

The company reported R&D expenses of $54 million for the quarter, compared to $61 million a year ago, a decrease ABI attributed to a realignment of its R&D investments.

 

Net income increased 40 percent as ABI reported $73 million for the period, compared to $52 million for the same period last year.

 

ABI reported a net gain of $30 million related to the previously announced sale of certain MALDI-TOF assets to MDS as part of the expansion of a  joint venture with MDS Sciex. Additionally, ABI took charges of $3 million for severance and benefit costs and $2.3 million for a lease agreement as part of the company's ongoing restructuring.

 

Going forward, ABI said it expects its growth to be in the low single-digits for the remainder of FY 2005.

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