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Stratagene Posts 27-Percent Increase in Q1 Revenues, Though Receipts Fall 2 Percent Ex-Hycor

NEW YORK, May 10 (GenomeWeb News) - Stratagene today reported a 27-percent increase in total revenues and increased earnings for the first quarter of 2005, but the company's core receipts fell more than 2 percent if revenue from its Hycor acquisition are excluded.

 

Revenues amounted to $24.6 million for the quarter, up from $19.4 million during the same period in 2004. Hycor, a subsidiary of Stratagene, boosted revenues by $5.7 million, meaning that without this revenue Stratagene's core receipts for the period ended March 31 fell 2.6 percent to $18.9 million.

 

Stratagene merged with Hycor Biomedical in mid-2004. Also, Stratagene's Quantitative PCR and clinical allergy diagnostics tests led revenue growth, according to a company statement.

 

Research and development costs increased to $8.5 million, up from $5.9 million during the same period last year.

 

The company's net earnings were $2.9 million, or $.13 per share, up from $2.1 million, or $.13 per share, during last year's first quarter.

 

As of March 31, Stratagene had $4.7 million in cash, cash equivalents, and marketable securities.

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