Invitrogen Reports 21 percent Q3 Revenue Increase as Net Income Falls
Invitrogen reported revenues in the third quarter of $196.9 million, an increase of 21 percent over the year-ago value of $162.6 million, while net income fell from $13.7 million in the third quarter of 2002 to $14.9 million in Q3 2003. The company attributed the income drop to costs associated with the July acquisition of Molecular Probes, a company that makes fluorescence labels. Meanwhile, spending in R&D shot up to $15.4 million from $8.7 million year-over-year. The company said it had $876.8 million in cash and cash equivalents as of Sept. 30.
LSBC Q3 Revenues Just over $1M, Losses Narrow
Large Scale Biology reported revenues of $1.2 million for the third quarter, compared to $700,000 in the same period last year. The Vacaville, Calif., company had a net loss of $4.3 million for the quarter, compared to $6.8 million for the third quarter of 2002. LSBC’s R&D expenses decreased to $2.8 million from $4.5 million in the year-ago quarter. At the end of the third quarter, the company had $11.3 million in cash and marketable securities.
Bruker BioSciences Implements Post-Merger Consolidation
Bruker BioSciences said this week that it is embarking upon a cost-cutting consolidation strategy that goes “beyond the original merger plan.” The restructuring, which has already been partially implemented and is expected to be finalized in the second quarter 2004, includes the consolidation of the Bruker AXS X-ray systems production in Madison, Wis. The company will also outsource or transfer to its other production centers the manufacturing of certain technologies previously manufactured by Bruker-Nonius, a subsidiary of AXS located in Delft, The Netherlands. This business will now focus on applications for life science X-ray crystallography and structural proteomics, as well as on marketing and customer support, the company said. In addition, the Bruker Daltonics business will phase out manufacturing of substance detection products at its Faellanden, Switzerland, site by the end of the second quarter 2004. Bruker said in a statement that the consolidation plan should improve its operating performance by $2.5 million to $3 million annually pre-tax, beginning in the third quarter 2004.
The company declined to comment further on the details of the consolidation, or on any future restructuring plans.
Functional Proteomics Market Could Reach $489M by 2009, Report Says
Frost and Sullivan published a report this week, entitled “World Functional Proteomics Markets,” which estimated that functional proteomics — defined as the study of pathways and protein-protein interactions — generated $116 million in 2002 and was likely to generate $489 million by 2009. The report indicated that the constant need for slow-moving data validation was delaying results and lowering throughput in the area, but that the prospect of understanding cell pathways and cell-cell communication was generating increasing investment and attention.
The report can be found at www.biotech.frost.com.
Genomic Solutions Signs Distribution Agreement with Nonlinear Dynamics
Genomic Solutions, a unit of Harvard Biosciences, said that it has signed a deal under which it will distribute a suite of 2D electrophoresis gel analysis software products supplied by Nonlinear Dynamics. The products, along with Nonlinear Dynamics’ 1D electrophoresis gel analysis product, will be distributed by Genomic Solutions under the brand name Investigator HT Ana-lyzer. According to Genomic Solutions, its Investigator line currently includes a 2D electrophoresis system, the ProPic robotic workstation, the ProGest protein digestion system, the ProMS MALDI preparation station, and the ProPrep protein digestion and mass spec preparation station. Financial terms of the arrangement were not disclosed.
Luminex Q3 Revenues Double, Losses Narrow
Luminex reported increased net revenues for the third quarter, and significantly narrowed net losses. The Austin, Texas company, which makes the xMap bead assay system for genomics and proteomics research and other applications, reported revenues of $7.2 million for the quarter, compared to $3.6 million for the third quarter 2002. Net losses for the quarter came to $900,000, compared to $5.8 million for the same period last year. The company’s R&D expenses decreased to $700,000, from $1.2 million for the year-ago period. As of Sept. 30, Luminex had $40.2 million in cash and cash equivalents.
Celera Net Loss Narrows, Q1 Revenues Down
Celera Genomics reported a net loss of $16.3 million for its first fiscal quarter ending Sept. 30, compared to a net loss of $19.6 million for the same period last year. The Rockville, Md.-based company had revenues of $17.3 million for the quarter, compared to $23.5 million for the year-ago quarter. Of this revenue, online information business revenue decreased to $15.3 million for the first quarter, compared to $20.6 million in the same period last year. The company had R&D expenses of $21.8 million, compared to $32.5 million for the fourth quarter of 2002.
Perkinelmer Posts Flat Revenue Growth in Q3, Life Sciences Inches Up
PerkinElmer reported that their third-quarter sales remained largely flat, though revenue from its life and analytical-sciences business increased slightly in the period. Total revenue for the three months ending Sept. 28 was $367 million compared with $366 million in the same period one year ago. Receipts from the life and analytical sciences unit inched up to $235 million from $232 million during the third quarter 2002, the company said. R&D spending was also flat in the third quarter, reaching $20 million from $20.5 million year-over-year. However, net income doubled in the current quarter to $14.3 million from $7 million in the same quarter last year. PerkinElmer said it had about $141 million in cash and cash equivalents as of Sept. 29.