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Agilent Posts 32 Percent Jump in Q2 Revenues, Strong LC and Mass Spec Sales

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Agilent Technologies reported a 32 percent rise in its fiscal second-quarter revenues year over year, with its Life Sciences segment seeing a 39 percent jump driven, in part, by more than 20 percent growth in sales of its mass spectrometry and liquid chromatography platforms.

Life Science revenues were $464 million, up from $334 million in Q2 of last year. Overall, the company posted revenues of $1.68 billion for the quarter, up from $1.27 billion a year ago and beating analyst estimates of $1.6 billion.

Among the drivers was the continued strong performance of the company's 1290 Infinity LC instrument, said Nick Roelofs, president of Life Sciences, noting that the instrument's backwards compatibility has resulted in wholesale site upgrades in the case of some large customers. At the 2011 Pittcon meeting in March, Agilent launched its Intelligent System Emulation Technology, or ISET, which allows the 1290 to emulate HPLC and UHPLC methods on other LC platforms including its 1100 and 1200 product lines (PM 03/18/2011).

Nick Roelofs also noted that the company would be introducing new mass spec products at the American Society of Mass Spectrometry annual meeting in June.

Agilent's profit for the quarter increased 85 percent to $200 million, or $.56 per share, from $108 million, or $.31 per share, a year ago. On an adjusted basis, the company's EPS of $.74 beat analyst estimates of $.65.

The company's R&D spending rose to $165 million, a 10 percent increase from $150 million in the second quarter of 2010. Its SG&A spending climbed to $469 million, up 15 percent from $407 million a year ago.

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