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For Stratagene, Hycor Acquisition and QPCR Sales Boost Q3 Revenues 37 Percent

NEW YORK, Nov. 9 (GenomeWeb News) - Stratagene today reported a 37-percent increase in third-quarter revenues and nearly tripled its quarterly net income.

 

Stratagene's revenues increased to $23.1 million for the quarter from $16.9 million in the third quarter of 2003. The company's Hycor subsidiary, which it acquired in June, was responsible for $5.6 million of the increase in revenues for the quarter, Stratagene said.

 

The company said that sales of its quantitative PCR, mutagenesis, and allergy diagnostic products grew by 29 percent, 13 percent, and 23 percent, respectively.

 

Stratagene's net income rose to $2.2 million, or $.10 per diluted share, from $608,000, or $.04 per diluted share, in the year-ago quarter. The company said that its quarterly profit included approximately $665,000 from a litigation settlement, which was offset by a 45-percent income tax rate related to the non-deductibility of start-up expenses in Japan. Excluding these factors, Stratagene said that its earnings per share for the third quarter would have been $0.09.

 

The company did not provide further details about the litigation settlement.

 

R&D spending remained flat at $2.7 million for the third quarter, compared to $2.5 million in the third quarter of 2003.

 

Stratagene closed the quarter with $5.1 million in cash, cash equivalents, and marketable securities, and $82.1 million in total assets.

 

Stratagene said it expects to post between $21 million and $22 million net income for the fourth quarter of 2004, and revenues of $95 million to $98 million for the full year of 2005.

 

The company plans to launch its first molecular diagnostic product based on its FullVelocity QPCR kits during the second half of 2005.

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