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Life Technologies Expects Stimulus-Related Revenues of at Least $100M

NEW YORK (GenomeWeb News) – Life Technologies said in a filing with the US Securities and Exchange Commission today that it expects to realize greater than $100 million in revenues from the US stimulus package over the next 24 months.

The firm disclosed that expectation in a filing related to the agreement earlier this week to sell its mass spectrometry joint venture with MDS to Danaher. Life Technologies will receive $450 million for its stake in the joint venture.

In a question-and-answer attachment to the SEC filing, Life Technologies said that the benefit it expects to recognize from the US stimulus package as money is disbursed to its customers is likely to occur next year. "The company anticipates a minimal amount of benefit in the fourth quarter and the majority to occur in 2010," it said. In addition, the firm said that the divestiture of the mass spec business does not change its estimate of the expected stimulus benefit.

The filing follows a conference call held immediately following news of the agreement with Danaher earlier this week, during which Life Technologies Chairman and CEO Greg Lucier said, "There has hardly been any stimulus money spent that we can see, and we're tracking this thing quite closely. Whatever business we've gotten here as of late … has very little connection to the stimulus funding."

"We think the stimulus will have a great impact on our sequencing business as well as our PCR franchise," Lucier said. He said the stimulus funding also is expected to benefit the mass spec business, which is being sold to Danaher.

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