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Life Technologies Posts 3 Percent Revenue Growth

NEW YORK (GenomeWeb News) – Life Technologies reported after the close of the market Tuesday that its third quarter revenues increased 3 percent year over year, as gains in its research consumables and applied sciences business groups was offset by a decline in its genetic analysis business.

The Carlsbad, Calif.-based maker of genetic analysis products reported total revenues of $935.1 million for the three months ended Sept. 30, up from $911.2 million. Excluding the impact of currency, life Tech said its revenue were up 4 percent year over year.

Sales for its research consumables business climbed 5 percent to $404 million, while its applied sciences revenue increased 12 percent to $194 million. Its genetic analysis business posted a revenue decline of 4 percent to $338 million, driven by expected decreases in its qPCR royalties and sales of its SOLiD sequencing products.

Sales in the Americas were flat year over year, while sales in Europe grew 2 percent, Asia Pacific revenues grew 18 percent, and Japan sales were up 8 percent.

Life Tech posted net income of $118 million, or $.67 per share, for the quarter, compared to $65.6 million, or $.37 per share, for Q3 2012. On a non-GAAP basis, its EPS was $1.02 versus $.92.

The firm's R&D spending in the quarter dropped 2 percent to $83 million from $84.8 million, while its SG&A expenses were down a fraction of 1 percent at $268.8 million from $270.6 million. Life Tech reported business consolidation costs of $26.9 million, up from $10.6 million year over year.

The company is awaiting completion of its acquisition by Thermo Fisher Scientific in a $13.6 billion deal. Life Tech's shareholders approved the transaction in August, and the firms expect to close the deal in early 2014.

Life Tech finished the quarter with $368.3 million in cash and short-term investments.