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Strong Sales in Invitrogen s BioDiscovery Unit Spurred 30-Percent Revenue Growth

NEW YORK, Oct. 29 (GenomeWeb News) - Invitrogen today reported strong sales in its BioDiscovery business unit helped propel a 30-percent spike in third-quarter revenue atop a widened profit and R&D spending.

 

Total receipts for the three months ended Sept. 30 increased to 256.3 million from $197 million one year ago. Invitrogen said BioDiscovery grew 17 percent year over year, while BioProduction surged 53 percent.

 

R&D spending also increased in the third quarter, to $19.2 million from $15.4 million year over year.

 

Net income jumped to $28.7 million, or $.54 per basic share, from $13.7 million, or $.27 per basic share, one year ago.

 

Invitrogen said it had around $939.8 million in cash and investments as of Sept. 30.

 

The company reiterated its 2004 revenue forecast of around $1 billion.

 

As GenomeWeb News reported yesterday, Invitrogen acquired DNA Research Innovations of Kent, UK, for $30 million in cash and $30 million in milestone payments.

 

Privately held DNA Research Innovation develops and sells ChargeSwitch technology, a DNA/RNA purification technology.

 

The acquisition follows Invitrogen's purchase of Protometrix in April; Xeotron in May; and Molecular Probes in August.

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