NEW YORK (GenomeWeb News) - Waters today reported a 10 percent increase in revenues and nearly doubled net income for the third quarter of 2005.
The mass spectrometry, chromatography and software company posted net income of $50.4 million for the quarter ended Sept. 30 –- a 96-percent increase over $25 million last year.
Total revenue rose to $300 million from $273 million in the third quarter of 2005.
Company chairman, president, and CEO Douglas Berthiaume credited the revenue increase to improved pharmaceutical spending in the US, expanding sales in Asia, efficient operations, and “overall positive acceptance and uptake” of the company's Acquity UPLC system.
R&D spending rose to $19.1 million from $17 million in the prior-year period.
As of Sept. 30, Waters had $511.6 million in cash and cash equivalents.