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Strong TripleTOF 5600 Sales Drive Double-Digit Q3 Revenue Growth at AB Sciex

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This story originally ran on Oct. 20.

Danaher reported this week that revenues for its AB Sciex business grew at low double-digit rates in the third quarter, driven by continued demand for the company's TripleTOF 5600 mass spectrometer.

On a conference call to discuss the earnings report, Danaher CEO Larry Culp called AB Sciex's performance a "gangbuster quarter" and noted that demand for mass spectrometers was broad based, with academic, research, and applied markets all growing in excess of 10 percent.

Revenues from Danaher's Life Sciences segment, which includes AB Sciex and the recently acquired Beckman Coulter, grew to $1.57 billion in the quarter, compared to $559.8 million the year before. This was mostly attributable to the Beckman purchase, as acquisitions added more than 168 percentage points of revenue growth while core growth added six points.

Overall, Danaher's Q3 revenues rose 46 percent to $4.52 billion, compared to $3.09 billion in Q3 2010. It reported a profit of $523.4 million, or $.74 per share, down 19 percent from $646.4 million and $.95 per share a year ago due to charges related to the Beckman acquisition.

R&D spending was $289.6 million, up 47 percent from $196.4 million in Q3 2010. Danaher ended the quarter with $484.4 million in cash and cash equivalents.

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