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Strong Demand for Triple-TOF 5600 Drives AB Sciex's Q1 Revenue Growth

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Danaher reported this week that core revenues at AB Sciex grew at high single-digit rates in the first quarter, driven by strong sales of its Triple-TOF 5600 mass spectrometer.

The "Triple-TOF 5600 led the way," Danaher CEO Larry Culp said during a conference call following the release of the earnings results, noting also that AB Sciex saw "robust demand" from the academic, proteomics, and applied markets.

He added that the company is "still in the early innings" with the instrument and that "customer acceptance and feedback on the product continues to be outstanding."

A full year into Danaher's acquisition of AB Sciex from Life Technologies, the company is "clearly seeing the benefits of new products, a much more focused go-to-market effort, and the implementation" of the Danaher Business System, a process to improve productivity, Culp said. Without elaborating, he hinted that there could be significant AB Sciex launches at the American Society for Mass Spectrometry conference in June.

In the company's Life Sciences and Diagnostics division, which houses AB Sciex, sales increased 22 percent to $626.6 million from $516.5 million during the first quarter of 2010.

As a whole, Danaher posted a profit of $429.4 million, or $.63 per share, up 43 percent from a year-ago profit of $300.2 million, or $.45 per share.

R&D spending for the first quarter totaled $217.6 million, up 20 percent from $180.8 million a year ago, while SG&A costs increased 12 percent to $969.7 million from $866.3 million a year ago.

The company said it had $1.59 billion in cash and cash equivalents as of April 1.

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