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Life Tech 2013 Revenues Inch up 2 Percent

NEW YORK (GenomeWeb News) – Life Technologies' full-year 2013 revenues increased 2 percent year over year, Thermo Fisher Scientific said today in a document filed with the US Securities and Exchange Commission.

Life Tech posted $3.87 billion in revenues, up from $3.80 billion in 2012. Its net income increased to $470.4 million from $430.4 million, Thermo Fisher said. It did not report Life Tech's EPS figure.

Life Tech's R&D costs rose 3 percent year over year to $352.8 million in 2013 from $341.9 million in 2012, and its SG&A costs increased about 10 percent to $1.15 billion from $1.05 billion.

Life Tech ended 2013 with $629.8 million in cash and cash equivalents.

Thermo Fisher completed its acquisition of Life Tech in February for about $13.6 billion plus the assumption of $1.5 billion in net debt. In January Thermo Fisher reported that its revenues for 2013 increased 5 percent year over year to $13.09 billion.