Invitrogen Corp., which makes kits that researchers use for gene cloning, said Thursday its second-quarter profit rose 30 percent on higher sales of its drug discovery and research materials.
The company earned $53.2 million, or 55 cents per share, compared with profit of $40.9 million, or 31 cents per share, during the same period a year ago. Adjusted earnings, including stock options costs totaled 68 cents per share. Revenue rose 14 percent to $367.8 million from $321.7 million.
The results topped the average estimates of analysts polled by Thomson Financial, who expected an adjusted profit _ including options costs _ of 57 cents per share, on revenue of $353.3 million.
Invitrogen is in the midst of buying Foster City, Calif.-based rival Applied Biosystems Inc., which specializes in advanced gene-sequencing systems, for about $6.4 billion. The buyout is expected to close in close in late October or Early November.
BioDiscovery unit revenue, which includes cloning and protein expression products, rose 14 percent to $253 million. Cell Systems revenue, which includes stem cells and cell culture materials, increased 16 percent to $115 million.
"We continue to see consistent, solid growth in our business, leading to yet another quarter of strong financial results," said Chairman and Chief Executive Greg Lucier, in a statement. "Once the transaction with Applied Biosystems is complete, we look forward to combining our strong portfolios, world-class systems and talented people to create a truly remarkable life sciences company."
By region, the company said revenue grew 5 percent in the Americas, 24 percent in Europe and 22 percent in the Asia-Pacific region.
Shares of Invitrogen rose $1.46, or 3.5 percent, to $43.48 in afternoon trading. The stock has traded between $35.12 and $49.58 over the last 52 weeks.
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