NEW YORK, Jan. 29 (GenomeWeb News) - Waters reported increased revenues and earnings for the fourth quarter of 2003 today, despite slow mass spec sales for proteomics.
The company's fourth quarter revenues increased to $275.1 million, from $256.4 million a year ago.
R&D expenses for the quarter climbed to $16.8 million, from $13.4 million during the same period last year.
Waters' net income surged to $58.4 million, or $.48 per share, for the quarter, compared with $40.3 million, or $.31 per share, the year before. This was despite a sharp 30 percent downturn in mass spec sales for the quarter, year over year, especially regarding proteomics-focused Q-TOF instruments.
As of Dec. 31, 2003, Waters had cash and cash equivalents of $356.8 million.