Corporate Banner
Satellite Banner
Next Gen Sequencing
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Life Technologies Announces Third Quarter 2012 Results

Published: Monday, November 05, 2012
Last Updated: Monday, November 05, 2012
Bookmark and Share
Revenue for the third quarter was $911 million, a decrease of 1.9 percent over the $929 million reported for the third quarter of 2011. Excluding the impact of currency, revenue growth for the quarter was 1.4 percent compared to the same period of the prior year.

"Our third quarter performance came in stronger than our expectations driven by a significant increase in Ion Torrent platform sales, as well as increased sales in our research consumables and forensics businesses," said Gregory T. Lucier, chairman and chief executive officer of Life Technologies. "During the quarter, we made solid progress in expanding our operations and footprint in high growth and emerging markets, including entering into strategic partnerships for companion diagnostics, building the foundation for our Medical Sciences business and acquiring distributors in China and Chile . We achieved important milestones with several highly anticipated launches including the Ion Proton™ System, a platform whose speed, ease of use and affordability will democratize genome sequencing, and our Pervenio™ Lung RS test service, the first of its kind molecular test to identify early-stage lung cancer patients who are at high risk of reoccurrence following surgery."

"We continue to demonstrate our commitment to returning capital to shareholders by repurchasing an additional $208 million worth of shares in the third quarter, bringing our year-to-date total to $535 million. Based on our performance year-to-date and end market assumptions, we are tightening the full year guidance range by increasing the bottom end by $0.05 and are now expecting non-GAAP earnings per share of $3.95 to $4.00."

Life Technologies reported current quarter results compared to the quarter ended September 30, 2011. Results are non-GAAP unless indicated otherwise. A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of today's press release.

Analysis of Third Quarter 2012 Results

•    Third quarter revenue decreased 1.9 percent over the prior year. Revenue growth without the impact from currency was 1.4 percent.
•    Gross margin in the third quarter was 65.6 percent, approximately 50 basis points lower than the same period of the prior year primarily driven by unfavorable currency rates.
•    Operating margin was 28.0 percent in the third quarter, approximately 140 basis points lower than the same period of the prior year. Operating margin contraction was primarily due to unfavorable currency rates and increased investments in Greater China and Medical Sciences.
•    Third quarter tax rate was 27.3 percent.
•    Third quarter EPS was $0.92.
•    Diluted weighted shares outstanding were 177.3 million in the third quarter, a decrease of 9.6 million shares over the prior year. The decrease was a result of the continuation of the company's share repurchase program, partially offset by shares issued for employee stock plans. The company repurchased $208 million or 4.4 million shares in the third quarter.
•    Cash flow from operating activities for the third quarter was $197 million. Third quarter capital expenditures were $20 million, resulting in free cash flow of $177 million. The company ended the quarter with $299 million in cash and short-term investments.

Business Group Highlights

•    Research Consumables revenue was $384 million, a decrease of 3 percent compared to the prior year. Excluding the impact from currency, revenue for the business group grew 1 percent, primarily as a result of growth in our cell culture products, sample prep products and benchtop instruments.
•    Genetic Analysis revenue was $353 million in the third quarter, a decrease of 1 percent over the same period last year. Excluding the impact from currency, revenue increased 2 percent primarily as a result of increased sales of the Ion Torrent platform, including the Ion Proton™ System and the Ion PGM™ benchtop instruments, offset by an expected decline in SOLiD® instrument sales and lower sales of CE instruments, primarily due to one-time orders in the prior year quarter and the timing of sales.
•    Applied Sciences revenue was $174 million in the third quarter, flat compared to the same period last year. Excluding the impact from currency, revenue increased 3 percent, primarily due to forensics and higher sales of qPCR applied sciences instruments, offset by lower sales of CE instruments due to one-time orders in the prior year quarter, and an expected decline in BioProduction sales, which tend to fluctuate quarter to quarter.
•    Regional revenue growth rates excluding currency for the quarter compared to the same quarter of the prior year were as follows: the Americas declined 1 percent, Europe grew 2 percent, Asia Pacific grew 10 percent and Japan grew 4 percent.

Fiscal Year 2012 Outlook

Subject to the risk factors detailed in the Safe Harbor Statement section of this release, the company is updating its guidance. The company's updated 2012 guidance is for organic revenue growth of approximately 2 percent over 2011 revenues of $3.7 billion. Additionally, the company is tightening the previously provided range by increasing the bottom by $0.05 and is now expecting non-GAAP earnings per share of $3.95 to $4.00. The company will provide further detail on its business outlook during the webcast today.

The Ion Proton™ System is for Research Use Only and not intended for use in diagnostic procedures.

Webcast Details

The company will discuss its financial and business results as well as its business outlook on its webcast at 4:30 PM ET today. This webcast will contain forward-looking information. The webcast will include a discussion of "non-GAAP financial measures" as that term is defined in Regulation G. For actual results, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the company's financial results determined in accordance with GAAP, as well as other material financial and statistical information to be discussed on the webcast will be posted at the company's investor relations website at https://ir.lifetechnologies.com. The webcast can be accessed through the investor relations page of the company's website at https://ir.lifetechnologies.com/events.cfm. A replay of the webcast will be available on the company's website through Thursday, November 22, 2012.


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,400+ scientific posters on ePosters
  • More than 3,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Life Technologies' Ion AmpliSeq™ Exome Program Adds 12 New Members
With more than 30 members the program is the largest network of next generation-based exome sequencing providers in the world.
Friday, December 20, 2013
KACST Partners with Life Tech in The Saudi Human Genome Program
Program aims to analyze 100,000 human genomes to identify the causes of disease in the population of the Kingdom of Saudi Arabia and the Arab world.
Monday, December 09, 2013
BGI Partners with Life Technologies
World's largest genome center to purchase 50 Ion Proton™ Sequencers from Life Technologies.
Tuesday, October 22, 2013
Life Technologies Expand Ion AmpliSeq™ Exome Certified Service Provider Program
Due to increased demand the program is expanding to include eleven new members.
Wednesday, October 09, 2013
TriCore Reference Laboratories Named First NGS Center of Excellence by Life Technologies
Collaborative partnership designed to accelerate clinical research in the Southwest using advanced NGS oncology panels.
Thursday, September 19, 2013
Life Technologies Signs Five-Year Agreement with the FDA
The agreement aims to accelerate and advance food safety testing of E. coli and Salmonella, two foodborne contaminants commonly associated with outbreaks and/or recalls.
Tuesday, July 30, 2013
Life Technologies to Collaborate with Merck Serono
Long-term collaboration is aimed at developing, obtaining regulatory approval and commercializing companion diagnostics for selected Merck Serono drug development programs.
Wednesday, July 17, 2013
Life Technologies Acquires Life Science Korea
The acquisition strengthens Life Tech's go-direct strategy in South Korea.
Friday, June 14, 2013
Roswell Park Cancer Institute Purchases Six Ion Torrent Sequencers
Life Technologies Corporation announced that the new Center for Personalized Medicine at Roswell Park Cancer Institute has purchased four Ion Proton™ sequencers and two Ion Personal Genome Machine™ sequencers.
Thursday, February 21, 2013
Life Technologies Bolsters its 60 Percent Market Share Lead in Benchtop Sequencers
More than 90 peer-reviewed papers and the world's largest online sequencing community reflects broad adoption of Ion Torrent™ technology.
Wednesday, February 20, 2013
Life Technologies Receives FDA 510(k) Clearance for Diagnostic Use of Products
Life's Applied Biosystems Dx Genetic Analyzer and SeCore® kits constitute first sequence-based system cleared for HLA typing.
Tuesday, February 12, 2013
Boston Children's Hospital and Life Technologies Launch Claritas Genomics, a Clinical Genomics Company
Spinoff venture will develop genomic sequencing solutions utilizing Ion Torrent technology for clinical applications.
Thursday, January 10, 2013
VelaDx Signs Agreement with Life Technologies to Develop IVD Tests on Ion PGM Sequencer
Semiconductor sequencing brings unprecedented power to diagnostic tests to transform personalized medicine.
Wednesday, October 10, 2012
Life Technologies Acquires Compendia Bioscience
Bioinformatics expertise will enable deeper engagement with established customer base of leading pharmaceutical companies.
Tuesday, October 09, 2012
Acquisition of Navigenics Expands Life Technologies' Capabilities
Addition of Navigenics' physician portal provides informatics to support patient management.
Thursday, July 19, 2012
Scientific News
DNA Damage Seen in Patients Undergoing CT Scanning
Along with the burgeoning use of advanced medical imaging tests over the past decade have come rising public health concerns about possible links between low-dose radiation and cancer.
Web App Helps Researchers Explore Cancer Genetics
Brown University computer scientists have developed a new interactive tool to help researchers and clinicians explore the genetic underpinnings of cancer.
New Research Advances Genetic Studies in Wildlife Conservation
‘Next-gen’ DNA sequencing of non-invasively collected hair expands field of conservation genetics.
Gene Testing Now Allows Precision Medicine for Thoracic Aneurysms
Researchers at the Aortic Institute at Yale have tested the genomes of more than 100 patients with thoracic aortic aneurysms, a potentially lethal condition, and provided genetically personalized care.
OGT’s Popular ESHG Workshop Free to View Online
Learn about the next generation of microarrays in one of the best attended workshops of the conference.
Discordant NIPT Test Results May Reflect Presence of Maternal Cancer
Results published in Journal of the American Medical Association.
Sperm RNA Test May Improve Evaluation of Male Infertility
To help resolve uncertainty—and guide prospective parents to the right fertility treatments—scientists propose the use of a new kind of fertility test. It involves examining sperm RNA by means of next-generation sequencing.
How the Mammoth Got its Wool
Evolutionary change in a gene reconstructed in the lab from the woolly mammoth was part of a suite of adaptations that allowed the mammoth to survive in harsh arctic environments, according to new research.
NuGEN Scientists Screen 400+ Genes for Fusion Events in Single Assay
Breakthrough proves efficacy of new sample preparation method that could accelerate cancer research and development of treatments and diagnostic tests.
More Accurate and Comprehensive Whole Genome Assembly
Scientists from the Icahn School of Medicine at Mount Sinai have developed a new approach to build nearly complete genomes by combining high-throughput DNA sequencing with genome mapping.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,400+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!