Applied Biosystems parent reports four percent revenue increase
1 August 2011 00:00 in Scientific
Applied Biosystems' parent company Life Technologies has announced an increase in revenues for the second quarter of 2011.
In the three months to June 30th, the organisation generated earnings of $945 million (575 million pounds), representing an increase of four percent on the $906 million it reported in the corresponding period of 2010.
Excluding the impact of currency, revenues were up by three percent year on year.
Cash flow from operating activities stood at $204 million, while capital expenditure was $17 million. This helped the company to end the quarter with $565 million in short-term investments and cash.
Gregory T Lucier, chairman and chief executive officer of Life Technologies, said: "To offset the pressures on life science industry funding ... we are accelerating a number of cost-saving initiatives which will create a much leaner organisation by the end of 2011."
The news comes as Peter Leddy, senior vice-president of global human resources at Life Technologies, was appointed to the board of directors at medical devices company NuVasive.
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