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Stratagene Buy, LC/MS Sales Contribute to 19-Percent Revenue Growth in Agilent's Bio-Analytical Unit

NEW YORK (GenomeWeb News) - Agilent Technologies said Tuesday that fiscal third-quarter revenues in its Bio-Analytical Measurement business rose 19 percent, including revenues from Stratagene, which the company acquired in June for around $246 million.
Revenue in the segment for the three months ended July 31 increased to $500 million from $420 million in the segment year over year.
Excluding Stratagene’s contribution, revenues for the segment rose 15 percent over the previous year’s third quarter.
The company said life sciences revenue rose 22 percent to $209 million, and were up 12 percent excluding Stratagene. The increase was due to “sustained strength in the pharmaceutical and biotech markets” leading to increased sales of its 1200 Series liquid chromatography, mass spectrometry, and LC / MS platforms.
"Initial integration activities are going well, and we are enthusiastic about the synergy between Stratagene's bio-reagents and Agilent's analytical instruments to better serve customers in both commercial and not-for-profit life sciences applications,” said Agilent’s CEO, Bill Sullivan, in a statement.
Revenue for the Chemical Analysis branch rose 17 percent to $291 million, which included 20 percent growth in food safety, environmental, and petrochemical spending pushing demand for gas chromatography platforms.
Operating income for the Bio-Analytical Measurement division increased 40 percent to $92 million from $66 million in the prior-year period.
Overall, Agilent reported third quarter revenue of $1.37 billion, up 11 percent from revenue of $1.24 billion in the comparable quarter a year ago.
The firm's Electronic Measurement segment had 7 percent revenue growth to $874 million, compared with $819 million in the comparable quarter a year ago.
Agilent posted net income of $185 million, down 19 percent from net income of $227 million in last year's Q3, which included a gain of $65 million on the sale of the firm’s Palo Alto, Calif., site.
Agilent’s R&D spending rose 5 percent to $170 million from $162 million.
The firm finished the quarter with $1.5 billion in cash and cash equivalents.

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