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New Products, Acquisitions Drive 25-Percent Q3 Revenue Growth for Thermo Electron

NEW YORK, Oct. 26 (GenomeWeb News) - Thermo Electron today reported a 25-percent increase in third-quarter revenue, but a drop in net income.

 

The company posted revenue of $679 million in the third quarter of 2005, compared with $542 million in 2004, including a 20-percent increase from acquisitions, Thermo Electron said.

 

Marijn Dekkers, president and CEO of Thermo Electron, said in a statement that the company's LTQ Orbitrap mass spectrometer, introduced last quarter, "is already contributing to growth." He added that the quarter's revenues "were also fueled by strategic acquisitions made earlier in the year -- a record investment for Thermo that has created significant opportunities for growth."

 

Thermo's Life and Laboratory Sciences segment posted $516 million for the quarter, a 35-percent increase over $383 million in the third quarter of 2004.

 

Thermo Electron posted a net income of $57.7 million for the quarter, down sharply from $106.5 million in the year-ago period, which included a gain from discontinued operations.

 

The company posted R&D expenses of $38.8 million for the third quarter, up from $32.9 million in the comparable period of 2004.

 

As of Oct. 1, Thermo held cash and cash equivalents of $193.5 million.

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