NEW YORK (GenomeWeb News) — Stratagene today reported a slight drop in second-quarter earnings while a litigation-related charge caused net income to swing to a loss.
Total receipts for the three months ended June 30 were down 6 percent to $23.4 million from $24.9 million year over year.
The company attributed the decline to poor sales of its gene-discovery and cloning systems products. Stratagene noted that sales of its QPCR instruments and its allergy diagnostic products were up 3.5 percent and 2.5 percent, respectively, year over year.
Stratagene posted a net loss of $3.7 million for the quarter compared to a net income of $2.1 million in Q2 2005. The company said the loss reflected a $7.9-million litigation charge related to a July jury verdict that found it guilty of infringing certain of Invitrogen's patents.
Meantime, R&D spending grew 8.6 percent to $3.1 million for the quarter from $2.9 million in the prior-year period. The company said the increase was due to instrument and pathway analysis software development costs.
As of June 30, Stratagene had $33.6 million in cash and cash equivalents.