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Geneart Posts 16 Percent Revenue Growth for Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Geneart today reported third-quarter revenue growth of 16 percent and a sharp increase in its profit.

The German synthetic genomics firm reported revenues of €5 million ($6.9 million) for the quarter compared to €4.3 million for the third quarter of 2009.

Its earnings before interest and taxes was €135,000, up sharply from €25,000 for Q3 2009.

Geneart said that its operational performance "remained largely unaffected" by its takeover by Life Technologies' subsidiary Applied Biosystems Deutschland. The deal, which took place in May, provided Life Technologies with a 74 percent stake in Geneart for roughly €38 million.

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