Starting to catch up on earnings.
>>SUNNYVALE, Calif., Jul 19, 2001 /PRNewswire via COMTEX/ -- Molecular Devices Corporation (Nasdaq: MDCC chart, msgs) today announced its revenues and earnings for the quarter ended June 30, 2001.
Revenues for the second quarter were $24.0 million, a sequential increase of 16% from revenues reported for the first quarter ending March 31, 2001 and flat with revenues reported for the quarter ending June 30, 2000. On a constant currency basis, second quarter revenues would have been $24.4 million, or 2% growth over the same period last year. Operating income of $2.7 million increased 103% as compared to operating income reported for the first quarter ending March 31, 2001, and 19% as compared to operating income reported for the same period last year. Fully diluted earnings per share increased 50% to $0.15 in the second quarter from earnings per share of $0.10 reported for the first quarter ending March 31, 2001 and increased 15% from earnings per share of $0.13 for the same period last year.
"Our business was adversely impacted by the continued soft economic environment which hinders our sales efforts; however, we are encouraged by the sequential growth in sales and profits that we achieved over the first quarter," stated Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "We believe in the market opportunity presented to us in the drug discovery segment of the life sciences business and believe that through our business and product development strategy we are well-positioned for growth and strong performance when the market turns up from its present levels."
The Company also reported an increase in operating margin to 11.4% for the second quarter ending June 30, 2001 as compared to an operating margin of 9.6% in the same period last year and an operating margin of 6.5% in the first quarter ending March 31, 2001.
Continued Keegan, "Over the last quarter, we have improved our operating results and made good progress on our business objectives with the release of several new products and our acquisition of Cytion which was completed today. We believe that we are taking the right steps to ensure that we are leading in innovative technologies, rapidly executing product commercialization, and launching new products in response to customer and market needs."
Company achievements over the quarter that support its continued product expansion and growth included:
-- The completed acquisition of Cytion, S.A., a Swiss developer of systems designed to analyze ion channels through the electrophysiological technique of automated patch clamping. The acquisition, which complements the Company's expected product offering secured by an earlier investment in Essen Instruments, is intended to further Molecular Devices' leadership position in ion channel research.
-- The introduction of its ScreenStation(TM) product, a multi-mode instrument system targeted for use in drug discovery screening applications. ScreenStation(TM) extends Molecular Devices' portfolio of high-throughput screening products.
-- The launch of the AQUAmax(TM) 1536 Dispenser for 1536-well format microplates. The new product, targeted at the high-throughput screening segment of the drug discovery market, helps researchers accelerate assay miniaturization.
The Company also revised its expectations of its financial results for the rest of this year. In light of the uncertain economic environment and delays in purchasing decisions, as well as anticipated increased R&D spending related to the Cytion acquisition, the Company expects revenues of $24 to $26 million and fully diluted earnings per share of $0.12 to $0.14 for the third quarter of 2001. For the full year 2001, the Company expects revenues of $99 million to $103 million and fully diluted earnings per share of $0.61 to $0.65.
Conference Call Information
Interested parties can participate in the earnings announcement call by dialing +1-800-275-3210 (domestic) or +1-973-628-9554 (international). A taped replay of this call will be available through 7/27/01. Replay dial-in numbers are +1-877-519-4471 (domestic) and +1-973-341-3080 (international) and the access code for the replay is 2709163.
Investors can also access a live web-cast of the call through a link posted on Molecular Devices' website (www.moleculardevices.com) investor page at corporate-ir.net . A replay of the web-cast will remain at this location through 7/27/01.<<
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Will listen and report.
Edit: Interesting gaffe from BCOR Monday:
>>UPPSALA, Sweden, Jul 23, 2001 /PRNewswire via COMTEX/ -- At Biacore International AB's (Biacore) (Nasdaq: BCOR chart, msgs)(SSE:BCOR) conference call today after the release of the Company's half-year report, Ulf Joensson, in response to a question regarding the net margin, replied that, on a quarterly basis, the Company's net margin could fall below 10%. This answer seems to have been interpreted as referring to the full-year 2001. This interpretation is incorrect, as Biacore has a policy of not making profit forecasts.
This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, which, by their nature, involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
Notes:
Biacore is a global market leader in Surface Plasmon Resonance (SPR) based technology with its own sales operations in the U.S., across Europe, in Japan, Australia and New Zealand. The technology is protected by a strong patent portfolio. Target groups consist primarily of medical and life science research laboratories and pharmaceutical and biotechnology companies all over the world. Biacore focuses on drug discovery as the prime area for future growth. The company currently has six systems on the market with its BIACORE(R)3000 system offering specific application in drug discovery processes upstream of high-throughput screening (HTS). A new high-performance system is currently under late-stage development and will focus on applications downstream of HTS.
Based in Uppsala, Sweden, the company is listed on Stockholmsboersen and Nasdaq in the U.S. In 2000 the company has sales of SEK 438.8 million and an operating income of SEK 78.0 million.<<
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Gotta check this out; BCOR looking cheap considering its systems can be used in proteomics and they have a large installed base.
Cheers, Tuck |
