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Strong TripleTOF 5600 Sales Drive Mid-Teens Q2 Growth at AB Sciex

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AB Sciex saw mid-teens growth in the second quarter, driven by strong sales of the TripleTOF 5600 mass spectrometer, which "exceeded expectations," According to Larry Culp, president and CEO of AB Sciex parent firm Danaher.

In a conference call to discuss the firm's Q2 earnings, Culp also suggested that in the first half of the year AB Sciex "probably took a little bit of [market] share in certain corners" of the mass spec market, though he noted that the growth was also driven by strong demand for mass spec instruments generally, with pharma in particular performing "better in the first half of this year than anyone anticipated."

Demand for the company's mass spec instruments was "broad based," Culp said, "with research, applied, and pharma markets all growing in excess of 10 percent."

Culp also highlighted the release at June's American Society for Mass Spectrometry annual meeting of AB Sciex's new Selexion technology – a differential ion mobility technology for use on the 5600 and the QTRAP 5500.

Revenues for Danaher's Life Sciences and Diagnostics business grew 31 percent for the quarter, jumping to $704.8 million from $540.1 million a year ago.

Overall, Danaher's total sales increased 15 percent to $3.71 billion for the three months ended July 1, compared to $3.22 billion a year ago. Net earnings rose 74 percent to $648.8 million, or $.94 per share, from $372.5 million, or $.55 per share, a year ago.

R&D spending for the quarter jumped to $235.8 million, up 23 percent from $191.2 million for the second quarter of 2010, while SG&A expenses also rose 23 percent to $1.10 billion from $896.6 million a year ago.

As of July 1, Danaher reported $551.6 million in cash and cash equivalents.

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