Applied Biosystems quarterly revenues up 15% at $476.3 million

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Applied Biosystems Group reported net revenues of $476.3 million for the first quarter of fiscal 2007, a 15% increase over revenues of $415.5 million for the prior-year quarter.

By category, revenues from instruments rose 15% to $196.8 million and consumables increased 16% to $192.7 million.

Research, development and engineering expenditures fin the first quarter ended Sept. 30 were up at $45.1 million, compared with $40.9 million in the prior-year quarter.

The group reported a net loss of $58.7 million, or $0.32 per share, for the quarter, down from a net income of $43.1 million, or $0.21 per share, for the year-ago period. Applied Biosystems attributed the loss to a non-recurring charge of $114.3 million associated with the acquisition of Agencourt Personal Genomics.

Cash flow from operations was $23.0 million and capital expenditures were $14.5 million for the quarter.

Applied Biosystems ended the quarter with cash and short-term investments totaling $284.1 million, down from $373.9 million at June 30.

The company reported first-quarter highlights including a settlement agreement with Promega Corp. resolving outstanding legal disputes and the receipt of a $24.5 million contract from the U.S. Department of Defense to accelerate the development of a Real-Time PCR-based prototype instrument system.

Applied Biosystems expects mid to high single-digit revenue growth for fiscal 2007, including the full fiscal year impact from its March 2006 acquisition of Ambion Inc.'s research products division. Non-GAAP earnings per share are expected to increase at a low double-digit rate over the fiscal 2006 level.

Applied Biosystems is an Applera Corp. business based in Foster City, Calif., that develops instrument-based systems, consumables, software and services for life science companies.

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