NEW YORK, Feb. 2 (GenomeWeb News) - Thermo Electron today reported a 16-percent increase in its fourth-quarter revenues, driven by a 21-percent increase in sales for its life and laboratory sciences segment.
The company reported total revenues of $613 million for the quarter ended Dec. 31, 2004, up from $529 million in the fourth quarter of 2003.
The company's life and laboratory sciences segment contributed $455 million in revenues for the quarter, up sharply from $377 million in the prior-year period. This performance was in contrast to Thermo's measurement and control business segment, which posted $158 million in fourth-quarter revenues - a 4-percent increase over year-ago revenues of $152 million.
In a statement, Thermo credited "strong sales" of its mass spectrometry and molecular spectroscopy instruments, laboratory automation systems, and laboratory informatics for driving life science revenues upward. This growth, however, was slightly offset by "extremely weak sales of our rapid point-of-care test kits resulting from this year's light flu season compared with an exceptionally strong quarter in 2003."
Thermo reported fourth-quarter R&D expenses of $34.9 million, up slightly from $32.2 million in the fourth quarter of 2003.
The company reported $121 million in GAAP net income for quarter, up from $61.9 million in the year-ago period. Adjusted net income was $62.2 million in the current quarter and $55.1 million in the comparable period of 2003.
Thermo held $430.8 million in cash and cash equivalents as of Dec. 31, 2004.