On Feb. 13, biotech company Invitrogen (NASDAQ:IVGN) released earnings for the fourth quarter ended Dec. 31.

  • Revenues grew by 1.4%; the 2.7% growth in the biodiscovery division was offset by the 1% decline in the cell culture division's revenue.
  • The company reported a net loss of $100 million versus a profit of about $50 million in the year-ago quarter, primarily due to merger-related impairments totaling $149 million to amortization and goodwill.
  • Free cash flow declined by 26.8% because of a huge net loss and unfavorable changes on the balance sheet.
  • Invitrogen has decided to sell its BioReliance business unit to Avista Capital Partners for about $210 million.
  • Last year, the company repurchased 5.8 million shares for $350 million.

(Figures in millions, except per-share data)

Income Statement Highlights

Q4 2006

Q4 2005

Change

Sales

$329.8

$325.3

1.4%

Net Profit

($100.2)

$49.6

N/A

EPS

($2.08)

$0.94

N/A

Diluted Shares

48.1

58.7

(18.0%)



Get back to basics with a look at the income statement.

Margin Checkup

Q4 2006

Q4 2005

Change*

Gross Margin

58.2%

55.8%

2.5

Operating Margin

(27.0%)

8.3%

(35.3)

Net Margin

(30.4%)

15.3%

(45.6)

*Expressed in percentage points

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q4 2006

Q4 2005

Change

Cash + ST Invest.

$380.3

$751.9

(49.4%)

Accounts Rec.

$205.3

$194.9

5.3%

Inventory

$149.7

$136.8

9.5%



Liabilities

Q4 2006

Q4 2005

Change

Accounts Payable

$223.4

$244.3

(8.6%)

Long-Term Debt

$1,155.0

$1,386.2

(16.7%)



Learn the ways of the balance sheet.

Cash Flow Highlights

2006

2005

Change

Cash From Ops.

$235.1

$309.3

(24.0%)

Capital Expenditures

$61.1

$71.8

(14.9%)

Free Cash Flow

$174.0

$237.6

(26.8%)



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Related companies:

  • Techne (NASDAQ:TECH)
  • Bio-Rad Laboratories (AMEX:BIO)
  • Becton, Dickinson (NYSE:BDX)
  • Stratagene ( Nasdaq: STGN)
  • Harvard Bioscience (NASDAQ:HBIO)

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